PANews March 31 news, according to Cryptoslate, a MailOnline investigation showed that since April 2024, British authorities have frozen about $7.7 million (£6 million) worth of illegal crypto assets. The UK revised the relevant rules last year to give the National Crime Agency (NCA) and the police special powers to freeze, seize and destroy cryptocurrencies associated with crimes 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 is convinced that the funds come from illegal channels or will be used for criminal purposes. This special power also enables law enforcement agencies to seize any crypto wallets suspected of being associated with criminal organizations without arrest. The authorities are also given the power to destroy the seized crypto assets if they believe that putting them back into circulation is "not conducive to the public interest." This may include privacy coins that criminals often use to cover up the source of funds.
According to court documents analyzed by MailOnline, the largest freezing order was issued against a wallet hosted at Coinbase. The wallet contained tokens worth $1.94 million (£1.5 million). The freezing order was issued by Newcastle upon Tyne Magistrates’ Court on March 18. The court order was applied for by HM Revenue and Customs (HMRC), suggesting that the case may be related to tax evasion. The identity of the wallet’s owner remains a mystery.
