UK Police Arrest Three in $20M Crypto Scam Investigation

Three men have been arrested as part of an operation that is investigating a crypto -scam in the UK, led by the economic crime command of the Metropolitan Police.

A spokesperson for the with told Decrypt that the trio was held as part of Operation Galaarm, one long -term research In crypto fraud where members of the public focused on fake investment options.

“It is claimed that more than £ 15 million ($ 20 million) of stolen funds were washed through a set of Shell companies,” the spokesperson said Decrypt.

Searchers were performed at six addresses in the capital, and two men aged 24 and 36 were held on 7 May in Hackney, East London.

A 36-year-old man later presented himself to Detective and all three have since been saved in anticipation of further questions.

Crypto -Mische in the UK

Legal enforcement agencies in the UK have increased their efforts against crypto crime in recent years.

The government has granted the police, as well as the National Crime Agency, greater powers to “grab, freeze and destroy digital assets used by criminals.

In the meantime, NCA estimates indicate that illegal crypto transactions worth a maximum of $ 5.1 billion are linked to the UK each year.

Data from Arkham Intelligence suggest The British government currently has more than 61,000 BTC confiscated by criminals, who is now worth more than $ 6.1 billion after the cryptocurrency returned to the six -digit territory earlier this week.

But last week the economic secretary of the Treasury confirmed that the UK does not intend to follow in the footsteps of Donald Trump by creating a strategic Bitcoin reserve.

Emma Reynolds MP told the Financial times Digital Asset Summit: “We don’t think that’s suitable for our market. We understand that that is what the US is for, but that is not the plan for us.”

The government has Confronted questions About that why it has not sold none of the Bitcoin in the detention to strengthen public finances – at a time at which a series of controversial welfare savings, including on Winter fuel payments are given to pensioners.