Avon Police Freeze Over £1 Million in Crypto Assets
Avon and Somerset Police have made their largest cryptocurrency seizure yet, with over £1 million in assets frozen under the Proceeds of Crime Act. The investigation by the force's Financial Investigation Unit involved a bank account holding more than twenty Bitcoin and other crypto assets, valued at £1,032,487.86.
The individual targeted by the investigation had previously been convicted of money laundering offences. With the introduction of crypto wallet freezing orders in April 2024, authorities can now immediately freeze assets within a wallet if there are reasonable grounds to suspect they are connected to criminal activity.
Detective Constable Anthony Davis stated that 'a permanent record of transactions is stored on a digital ledger called a blockchain', which serves as valuable evidence in identifying and recovering criminal assets held in cryptocurrencies. The seized funds will be reinvested into community and police initiatives, depriving criminals of illicit wealth used to support further organised crime.