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

On March 31st, MailOnline's investigation showed that since April 2024, British authorities have frozen around $7.7 million (£6 million) worth of illegal crypto assets. Last year, the UK revised its regulations, granting special powers to the National Crime Agency (NCA) and the police to freeze, seize, and destroy crypto currencies related to crime and criminals. These powers allow the police to freeze crypto wallets for up to three years. Officials can also seize these assets if the court believes the funds are from illegal sources or will be used for criminal purposes. This special power also allows law enforcement agencies to seize any crypto wallets suspected of being linked to criminal organizations without the need for arrest. Authorities are also empowered to destroy these assets if they believe that putting the seized crypto assets back into circulation "is not in the public interest." This may include privacy coins commonly used by criminals to conceal the source of funds. According to court documents analyzed by MailOnline, the largest freeze order was issued against a wallet hosted on Coinbase. The wallet contained tokens worth $1.94 million (£1.5 million). The freeze order was issued by the Tyne River Newcastle Magistrates' Court on March 18th. The fact that the application for the court order was made by Her Majesty's Revenue and Customs (HMRC) indicates that the case may be related to tax evasion. The identity of the wallet owner remains a mystery.