Leicestershire Police have seized 26 bitcoins and other assets worth £1 million from an individual allegedly linked to an ongoing money laundering investigation.
A police spokesman told KYC360 that the East Midlands Special Operations Unit had assisted the force with recovering the bitcoin and also assessing it’s value, which is estimated to be around £300,000.
Paul Wenlock, head of the force’s economic crime unit, said: “This is part of an ongoing investigation into alleged money laundering. A person has been arrested and released under investigation.
“We robustly enforce the Proceeds of Crime Act and are always looking for information which will lead us to criminal assets.”
The seizure of the cryptocurrencies is a key development for the law enforcement agency.
A report published last year explained that although cryptocurrencies, mainly bitcoin, are a popular choice for criminals, law enforcement lacks experience in conducting effective investigations and prosecutions.
“There is currently a lack of experience in law enforcement agencies in conducting effectively investigations and prosecutions of crimes involving cryptocurrencies. UK law enforcement needs to coordinate a more strategic approach to counter the threat,” the N8 report stated.