July 13, 2021- 6:10 p.m.
Detectives from Scotland Yard’s Economic Crime Command made the seizure on Saturday, just weeks after the force’s £114million confiscation.
One bitcoin is currently worth £23,500, having fallen from a peak of £47,126, meaning the sum confiscated may have been worth nearly double three months ago.
A 39-year-old woman was arrested on June 24 on suspicion of money laundering offences, the Met Police said. She was released on bail.
The same woman was interviewed under caution in relation to the discovery of the £180million on Saturday. She has been bailed to a date in late July.
A Met Police spokesman said the seizures were made on the back of intelligence received about the transfer of criminal assets and form part of an ongoing investigation into international money laundering.
In a statement released today, Detective Constable Joe Ryan said: ‘Less than a month ago we successfully seized £114million in cryptocurrency. Our investigation since then has been complex and wide-ranging.
‘We have worked hard to trace this money and identify the criminality it may be linked to. Today’s seizure is another significant landmark in this investigation which will continue for months to come as we hone in on those at the centre of this suspected money laundering operation.’
Deputy Assistant Commissioner Graham McNulty said: ‘Proceeds of crime are laundered in many different ways. While cash still remains king in the criminal word, as digital platforms develop we’re increasingly seeing organised criminals using cryptocurrency to launder their dirty money.
‘Whilst some years ago this was fairly unchartered territory, we now have highly trained officers and specialist units working hard in this space to remain one step ahead of those using it for illicit gain.
‘The detectives on this case have worked tirelessly and meticulously to trace millions of pounds worth of cryptocurrency suspected of being linked to criminality and now being laundered to hide the trail.
‘Those linked to this money are clearly working hard to hide it. Our investigation will stop at nothing to disrupt the transfer and identify those involved.’
The investigation continues.
The process of mining bitcoins is incredibly energy-intensive, meaning the electricity supply is likely to stem from the burning of fossil fuels. Incredibly, Bitcoin mining firms use more data than all the internet search giants combined.
Microsoft co-founder Bill Gates warned earlier this year that the cryptocurrency was ‘not a great climate thing’.
Billionaire entrepreneur Elon Musk, the owner of electric car firm Tesla, said earlier this month that he was ‘concerned’ about the environmental impact of Bitcoin mining.
Mr Musk wrote in a Tweet: ‘We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.’
‘Cryptocurrency is a good idea… but this cannot come at great cost to the environment.’
The firm then banned customers from using Bitcoin to buy its cars, after revealing in February it had bought £1billion of the world’s biggest digital currency.
