UK Authorities Freeze $13.6M in Premier League Funds Over Sorare Crypto Probe

UK authorities have frozen $13.6 million in funds linked to the Premier League, as part of an ongoing investigation into Sorare, a fantasy sports platform that uses cryptocurrency.

The move comes after a probe was launched by the UK's National Crime Agency (NCA) into Sorare's operations. The agency has been examining whether the company is operating within the bounds of financial regulations in the country.

The frozen funds are believed to be part of a larger amount that Sorare holds for its users, who can buy, sell, and trade digital collectibles linked to real-life football players. The platform's use of cryptocurrency has raised concerns among regulators about potential money laundering risks.