The increase in cases of crypto fraud in the United Kingdom brought the fight against cryptocrime. In the last year, these crimes increased by 41%, reaching the incredible figure of 306 million pounds sterlinghighlighting the urgent need to address this problem.
To address this growing use of cryptocurrencies in criminal activities, London Metropolitan Police creates 40-member specialized team dedicated to investigating cryptocurrency-related cases. Since its creation in May, This group responds quickly to 74 intelligence reports, resulting in 19 ongoing criminal investigations. This proactive approach underscores law enforcement’s determination to address the rising wave of cryptocurrency-related crime.
Cryptocurrencies: why they are attractive to criminals
Cryptocurrencies are attractive to criminal networks due to their ability to hide assets and facilitate cross-border transactions. In particular, the Bitcoin is used to hide illicit wealth transferswhich represents a significant challenge for security forces globally.
Recent statistics from a prominent law firm, RPC, show a 41% increase in reported cryptocurrency fraud cases in the UK over the past year, coming to a staggering £306 million. This marked increase highlights the pressing need to undertake specific efforts to combat related criminal activities with cryptocurrencies.
Detective Inspector Geoff Donoghue, in charge of the Met’s cryptocurrency investigation team, highlights the changing perception around cryptocurrencies in the world of crime. What was previously considered a niche, now presents clear evidence of its infiltration in various illegal activities, including drug trafficking, arms transactions, human exploitation and other nefarious businesses.
A recent case in which the Israeli police blocked cryptocurrency accounts linked to collecting donations for Hamas highlights the direct link between digital currencies and the financing of terrorist organizations.
According to Blockchain researchers at TRM Labs, cryptocurrency fundraising is seeing a notable rebound following violent attacks, with Hamas-controlled cryptocurrency addresses receiving more than $400,000 (£328,000) following a conflict in May 2021.
UK criminal syndicates have quickly adopted cryptocurrencies for their illicit activities. In one high-profile case, eleven individuals from Cardiff were convicted of converting 40 kilograms of cocaine in cryptocurrencieswith an estimated value of 3 million pounds.
Additionally, another group carries out a daring scam with Bitcoin worth £21 million, distributing £5,000 gift cards on the streets, highlighting the scale and rise of cryptocurrency crime. The threat of cryptocrime in the UK It is undeniable and requires an effective response from the authorities.
Source: Ambito
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