U.K. Freezes $7.7 Million in Illicit Crypto Assets to Combat Crime
U.K. authorities have frozen approximately $7.7 million worth of illicit cryptocurrencies since April 2024, as part of a growing effort to combat criminal use of digital assets.
Cryptocurrencies have increasingly become the preferred method for money laundering and funding terrorism, prompting the U.K. government to strengthen its regulations.
The largest frozen crypto wallet was held on Coinbase, containing $1.94 million (£1.5 million) in tokens. This freeze order was issued on March 18 by the Newcastle Upon Tyne Magistrates’ Court, at the request of His Majesty’s Revenue and Customs (HMRC), suggesting that the case might be related to tax evasion. The identity of the wallet’s owner remains unknown.
New Powers for Law Enforcement
In response to the rise of cryptocurrency-related crimes, the U.K. amended its laws last year, granting the National Crime Agency (NCA) and local police enhanced powers to freeze, seize, and destroy crypto assets linked to criminal activities. Under the new regulations, police can freeze crypto wallets for up to three years, and can seize funds if a court is convinced they originated from illicit sources or were destined for criminal use.
This legislation also enables law enforcement to target crypto wallets suspected of being tied to criminal organizations without the need for arrests, making it easier to disrupt illegal financial networks. Additionally, authorities can destroy seized cryptocurrencies, especially privacy coins often used to mask illicit activities.
More Frozen Cryptocurrencies
Recently, The U.S. Department of Justice (DOJ) has successfully seized approximately $201,400 in cryptocurrency, which is alleged to have been used for funding the activities of the terrorist organization Hamas.
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
