UK Police Arrest Three in $20M Crypto Scam Investigation

By: decrypt|2025/05/10 01:00:12

UK Police Arrest Three in $20M Crypto Scam Investigation The Metropolitan Police alleges that more than $20 million in stolen funds was laundered through a set of shell companies. Decrypt’s Art, Fashion, and Entertainment Hub. Three men have been arrested as part of an operation investigating a crypto scam in the UK, led by the Metropolitan Police’s Economic Crime Command. A spokesperson for the Met told Decrypt that the trio were detained as part of Operation Galafarm, a long-running investigation into crypto fraud that saw members of the public targeted with fake investment opportunities. "It is alleged more than £15m ($20m) in stolen funds was laundered through a set of shell companies," the spokesperson told Decrypt . Search warrants were executed at six addresses across the capital, and two men aged 24 and 36 were detained in Hackney, east London, on May 7. A 36-year-old man later handed himself into detectives—and all three have since been bailed pending further enquiries. Crypto crime in the UK Law enforcement agencies in the UK have been stepping up their efforts against crypto crime in recent years. The government has granted police forces, as well as the National Crime Agency, greater powers to "seize, freeze and destroy" digital assets used by criminals. Meanwhile, NCA estimates indicate that illicit crypto transactions worth up to $5.1 billion are linked to the UK every year. Data from Arkham Intelligence suggests the British government currently holds more than 61,000 BTC seized from criminals, which is now worth in excess of $6.1 billion after the cryptocurrency returned to six-figure territory earlier this week. But last week, the Economic Secretary to the Treasury confirmed the UK has no plans to follow in Donald Trump's footsteps by creating a strategic Bitcoin reserve. Emma Reynolds MP told the Financial Times Digital Asset Summit: "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 faced questions over why it hasn't sold any of the Bitcoin in its custody to bolster the public finances—at a time when a series of controversial welfare cuts, including on winter fuel payments given to pensioners, are being made. Daily Debrief Newsletter

A Polymarket user supported nearly half of Trade.xyz's "active addresses" with 34,000 wallets, yet contributed less than 1% of the trading volume. The real support for the market comes from market-making institutions like Jump, Selini, and Wintermute, as well as a group of directional traders crossi...

Binance quietly placed a bet on a leading large model company

In the past year, YZi Labs has significantly accelerated its investments in the AI field, from educational agents to physical robots, and then to large models, with crypto capital and AI technology rapidly integrating.

Best Crypto Discord Server 2026: Why Jacob’s Crypto Clan Is Gaining Massive Attention

Jacob’s Crypto Clan has grown into one of the most active crypto Discord communities, with over 45K members and continuing to expand. This rapid growth reflects strong demand for structured trading insights and real-time collaboration.

Tom Lee Buying ETH: Why Wall Street’s Loudest Ethereum Bull Keeps Doubling Down

Tom Lee keeps buying ETH through every dip, every drawdown, and every moment of market doubt. Inside the strategy that's turning Ethereum into a treasury asset — and what it signals for the rest of the market.

Stripe Sessions 2026: AI Agent, Global Payments, and Invisible Crypto Infrastructure

Stablecoins have finally begun to enter the real business world, but this time, the main character may not be exchanges, wallets, or public chains, but Stripe. It encapsulates KYC, wallets, gas, compliance, and settlement, allowing businesses to access on-chain assets just like using regular payment...

Where will South Korea's cryptocurrency taxation head?

There is little time left before South Korea implements cryptocurrency taxation, but the current tax laws only cover simple spot and currency-to-currency transactions. Driven by the international tax information exchange standard (CARF), South Korea is comprehensively building an intelligence analys...