To the annoyance of crypto investors, it is regularly reported that the criminal circuit uses cryptocurrencies such as bitcoin (BTC). For example, in the ransomware attack on the American company Colonial Pipeline, a ransom was demanded in bitcoin. However, these bitcoins were quickly recovered by the American FBI.
Scottish police recover laundered money
Something similar has happened in the United Kingdom. There, the police seized the largest amount of cryptocurrency ever. Nearly £114 million, or roughly $160 million, was seized in cryptocurrencies.
The police have announced that it is likely to be money obtained illegally and laundered. Police knew where to look after receiving an anonymous tip. Deputy Police Commissioner Graham McNulty says:
“Cash remains king, but as technology and online platforms evolve, some are gaining a more sophisticated way of laundering their profits. However, we have well-trained specialist units that work day and night to stay one step ahead.”
Seizures are becoming more common
The world of cryptocurrencies is getting bigger and bigger. The disadvantage of this large growth is the extent to which malicious parties who use the new innovation technologies for their purposes grow with it.
For many countries, fighting criminals who use blockchain technology is becoming increasingly important. The White House of United States President Biden recently said it would discuss the importance of combating this at the major G7 international meeting in the near future.
The British police seizure is yet another example of one of the downsides of cryptocurrencies. The fact remains: as long as governments keep up with the times and realize that criminals can also make use of new technologies, they should always stay one step ahead of malicious parties.