Survey: UK authorities have frozen nearly $7.7 million in illegal crypto assets within a year

News on March 31, a survey by MailOnline shows that since April 2024, UK authorities have frozen about $7.7 million (6 million pounds) worth of illegal crypto assets.

The UK revised related rules last year, granting special powers to the National Crime Agency (NCA) and police to freeze, seize and destroy cryptocurrencies associated with crime and criminals. These powers allow the police to freeze crypto wallets for up to three years.

If courts are convinced that these funds come from illegal channels or will be used for criminal purposes, officials can also seize these assets. This special power also enables law enforcement agencies to seize any suspected crypto wallet linked with criminal organizations without needing an arrest.

Authorities are also granted the power to destroy these assets if they believe reintroducing seized cryptocurrency into circulation is "not in the public interest". This could include privacy coins often used by criminals to conceal fund sources.

According to court documents analyzed by MailOnline, the largest freezing order was issued against a wallet hosted on Coinbase containing tokens worth $1.94 million (£1.5 million). The freezing order was issued by Newcastle Magistrates' Court on Tyne River on March 18th. The court order was applied for by HM Revenue Customs (HMRC), indicating that this case may be related to tax evasion. The identity of the wallet owner remains unknown.