More than £1 million in criminal assets seized in cryptocurrency crackdown 

Avon and Somerset Police’s Financial Investigation Unit (FIU) has seized cryptocurrency and cash assets worth more than £1 million under the Proceeds of Crime Act (POCA). 

Earlier this year, a specialist investigation resulted in the forfeiture of 20.21 Bitcoin, other crypto assets and funds held in a bank account with a combined value of £1,032,487.86.  

The subject of the investigation, now deceased, had previously been convicted of money laundering offences. 

This is the largest cryptocurrency seizure Avon and Somerset Police has recorded since the introduction of crypto wallet freezing orders in April 2024. This legislation allows authorities to immediately freeze assets within a crypto wallet if there are reasonable grounds to suspect they are connected to criminal activity. 

Using specialist cryptocurrency tracing and financial investigation techniques, and with the assistance of the police Cyber Team, officers were able to identify and trace the assets to darknet marketplaces from 2016–19. These sites, which have since been closed by law enforcement, were known to have facilitated criminal activity ranging from people trafficking to drug supply.  

A detailed investigation established that the cryptocurrency holdings and associated funds represented the proceeds of crime, making it recoverable property under POCA.  

The assets were forfeited earlier this year after the court was satisfied that they represented the proceeds of unlawful conduct. Proceeds of Crime Act funds are reinvested into community and police initiatives supporting education and training, early intervention and crime prevention. 

Detective Constable Anthony Davis, of Avon and Somerset Police’s Financial Investigation Unit, said: 

“This case demonstrates the growing importance of specialist financial investigation skills in identifying and recovering criminal assets held in cryptocurrencies.  

“Many people think cryptocurrencies provide anonymity, help conceal wealth and place assets beyond the reach of law enforcement. In reality, a permanent record of transactions is stored on a digital leger called a blockchain, which can be an invaluable source of evidence. 

“We’ll continue to use all available powers to identify, trace and recover criminal property, regardless of the form it takes. By seizing the profits of crime, we are depriving criminals of illicit wealth that may have been used to support further organised crime.” 

You can report financial crime and fraud in Avon and Somerset directly through the UK’s national reporting center, Report Fraud, or by calling 0300 123 2040.