Key Takeaways
- Digital Asset Treasuries are publicly traded firms dedicated to accumulating crypto.
- Aethir is a DePIN project offering GPU-as-a-service solutions for AI, gaming, and cloud.
- Binance Coin treasuries currently comprise over $500 million worth of BNB.
In the wake of the United Kingdom’s historical seizure of 61,000 BTC, currently worth just over $7.1 billion, the government and Met Police are sending a clear signal to crypto criminals.
The Investigation
Recently, the U.K. Metropolitan Police made the single-largest crypto seizure in history following an extensive seven-year-long investigation into an investment scam.
It uncovered the ill-gotten gains of a fraudulent scheme originating in China between 2014 and 2017. The scheme collapsed and its orchestrator, Chinese national Zhimin Qian.
She’d been evading justice for years, and the “painstaking work” the investigation led, Detective Sergeant Isabella Grotto explained.
Security Minister, Dan Jarvis, noted that the result of the investigation “sends a clear signal: the UK will never be a safe haven for criminals and their ill-gotten gains.
Working closely with Chinese authorities, the Met’s Economic Crime teams and partners were able to uncover “compelling evidence” of the fraudsters’ criminal origins and methods of laundering money.
Crypto Crime
Unfortunately, criminals increasingly leverage cryptocurrencies to obscure their economic activities.
In 2023, the UK government enacted a law that introduced Crypto Wallet Freezing Orders (CWFrOs) and Wallet Forefeiture Orders (CWFOs).
This granted them the power to freeze and seize crypto assets.
They’re only enforceable when these assets are stored on exchanges, with custodians, or other third parties subject to U.K. jurisdictions.
These powers weren’t leveraged in this instance, in which the 61,000 BTC were seized from hardware devices. But, as noted by the Met Police, the conviction still required innovative tech and methods to unravel.
At present, the U.K.’s government is working to enhance its AML and due diligence requirements for the crypto industry as it increasingly looks to adopt blockchain and crypto tech wholesale.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
