- Three men have been arrested by the Metropolitan Police in connection with a $20 million crypto fraud investigation in London.
- Authorities allege that over $20 million in stolen funds were laundered through shell companies.
- The British government currently holds over $6.1 billion in seized Bitcoin but has no plans to create a state Bitcoin reserve.
Three men were arrested in London as part of an investigation into a crypto investment scam led by the Metropolitan Police’s Economic Crime Command. The arrests occurred during a police operation across six locations, with two of the men detained in Hackney on May 7, and another turning himself in afterward.
According to statements provided to Decrypt, police allege that more than $20 million in stolen money was funneled through multiple shell companies. This case is part of Operation Galafarm, a broader and ongoing inquiry targeting fraudulent cryptocurrency investment schemes.
Police connected the three suspects to a series of fake investment offers, with victims losing millions in digital assets. All three men have been released on bail while further inquiries continue. A Met spokesperson told Decrypt, “It is alleged more than $20 million in stolen funds was laundered through a set of shell companies.” Details on specific charges or court dates were not disclosed.
In recent years, law enforcement in the UK has stepped up efforts to address crimes involving cryptocurrencies. Police and the National Crime Agency now have expanded power to “seize, freeze and destroy” illegal digital assets, the article notes. Estimates from the NCA suggest that illicit crypto transactions linked to the UK could total up to $5.1 billion annually.
Data tracked by Arkham Intelligence shows that the British government currently holds more than 61,000 seized Bitcoins—valued at over $6.1 billion following a recent price rise. Despite holding this digital asset, officials have confirmed there are currently no plans to emulate U.S. strategies by creating a state Bitcoin reserve. At the most recent Financial Times Digital Asset Summit, Emma Reynolds MP said, “We don’t think that’s appropriate for our market. We understand that’s what the U.S. is going for, but that’s not the plan for us.” The government has also faced questions about why it has chosen not to sell any of the Bitcoin to help offset public financial shortfalls, especially as welfare cuts are being considered. Further reading on this subject is available through sources such as The Times and coverage of welfare policies from The Guardian.
All suspects in the case remain on bail, and investigations are ongoing.
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