Summary
- Avon and Somerset Police confiscated 20.21 Bitcoin along with other cryptocurrencies and bank assets totaling $1.4 million (£1.03 million).
- The funds were traced back to darknet marketplaces that operated from 2016 to 2019 and have since been dismantled by law enforcement.
- This marks the largest cryptocurrency seizure by this police force since the implementation of crypto wallet freezing orders in April 2024.
A significant amount of Bitcoin, valued at over a million dollars, has been seized by a regional police department in England.
On Thursday, Avon and Somerset Police announced that their financial investigation unit had recovered 20.21 BTC, along with additional crypto assets and funds from a bank account, bringing the total value to $1.4 million (£1,032,487.86). The individual under scrutiny had a previous conviction for money laundering and has since passed away.
The police, aided by their cyber team, traced these assets back to darknet markets that were active between 2016 and 2019. These marketplaces, which have now been shut down, were involved in various criminal activities, including drug trafficking and human trafficking, although the police did not disclose their names.
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This timeframe coincides with one of the most intensively monitored periods in darknet history. In July 2017, AlphaBay, the largest darknet marketplace at the time, was seized, while Dutch authorities had already taken control of Hansa and ran it covertly for a month to gather user data before shutting it down on the same day as AlphaBay's seizure. Dream Market, which absorbed much of the remaining user traffic, announced its closure in March 2019 and ceased operations by the end of April.
All transactions made on these platforms remain traceable. "Many believe that cryptocurrencies can shield assets from law enforcement," stated Detective Constable Anthony Davis from the financial investigation unit, emphasizing the blockchain's permanent record as a crucial source of evidence.
This seizure represents the largest recorded by Avon and Somerset Police since the introduction of crypto wallet freezing orders in April 2024. These new powers allow officers to freeze and seize cryptocurrencies without prior arrests, transfer them to wallets controlled by law enforcement, and confiscate passwords or storage devices. Police also have the authority to destroy assets if necessary, and the government has identified privacy coins as "not conducive to the public good" under these regulations.
The assets were forfeited earlier this year under the Proceeds of Crime Act, after a court determined they were obtained through illegal activities. Funds recovered under this act are allocated to community and policing initiatives.
At current market rates, the Bitcoin alone would be valued at approximately $1.6 million, although the police did not specify when this valuation was made.