British Police Seize Record $408 Million Haul of Cryptocurrency

LONDON (Reuters) -
(Reuters/Dado Ruvic/Illustration/File Photo)

British police have seized record hauls of cryptocurrency totaling £294 million ($408 million) as part of an investigation into money laundering after organized crime groups moved into cyptocurrencies to wash their dirty money.

London police said on Tuesday they had seized 180 million pounds of an undisclosed cryptocurrency less than three weeks after making a £114 million haul on June 24 as part of a money-laundering investigation.

“While cash still remains king in the criminal word, as digital platforms develop we’re increasingly seeing organized criminals using cryptocurrency to launder their dirty money,” said Metropolitan Police Deputy Assistant Commissioner Graham McNulty.

As cryptocurrencies are largely anonymous, convenient and global in nature, some of the world’s biggest criminal groups have bet big on them as a way to launder money and stay one step ahead of the police, tax and security forces.