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Authorities announce one of the largest cryptocurrency seizures ever

Authorities have announced what is to be believed as one of the largest cryptocurrency seizures that have ever happened.

@Jak_ConnorTT
Published Fri, Jun 25 2021 4:02 AM CDT   |   Updated Sat, Jul 24 2021 2:12 PM CDT

One of the world's biggest cryptocurrency seizures just happened as authorities announced hundreds of millions of dollars of cryptocurrencies had been seized.

Authorities announce one of the largest cryptocurrency seizures ever 01 | TweakTown.com

The announcement comes from the UK Metropolitan Police's Economic Crime Command, who said that the seizure of $158.8 million in virtual currencies is the largest seizure to ever happen in the country. The authorities also believe the seizure could be one of the largest seizures of cryptocurrency to ever happen in the world. The seizure was reportedly related to a money laundering case that was being investigated.

Details of the operation to seize the assets were kept to a minimum, but authorities did say that Crime Command was able to perform the operation after receiving intelligence on asset transfers. Joe Ryan, Detective Constable, said, "Criminals need to legitimize their money; otherwise, it risks being seized by law enforcement. The proceeds of crime are almost always laundered to hide the origin, but by disrupting the flow of funds before they are reinvested, we can make London an incredibly difficult place for criminals to operate." For more information on this story, check out this link here.

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Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest news. Jak's love for technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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