SFO uses new powers to seize over £10,000 in bitcoin
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This is the first time the agency has used new powers that came into force last year to freeze cryptocurrency.
The assets, identified by proceeds of crime specialists at the SFO as linked to suspected criminality, were frozen following a hearing at Westminster Magistrates' Court this week.
They will now be held for up to nine months to allow any affected parties to come forward.
Arean TV collpased in 2021 when one of the broadcaster's creditors failed to locate 'leased' equipment during an asset verification inspection. It transpired that Arena TV had secured Loans from 55 lenders against thousands of items of broadcasting equipment that simply did not exist.
The SFO's case, which remains ongoing, has so far involved a raid, three arrests and the search of three properties in an investigation involving a range of suspects.
SFO director of operations, Emma Luxton, says: "Our first Crypto Wallet Freezing Order is an important step as we build our crypto asset capability and signals our intentions as we adapt to tackle increasingly sophisticated attempts to hide criminal assets."
Thomas Cattee, head of regulatory and white-collar crime and partner at Gherson Solicitors comments: 'It is great to see the SFO finally using these new powers to attempt to freeze and seize the alleged proceeds of crime stored in novel ways. It is clear from countless examples that fraudsters are turning to new and novel way to hide the alleged proceeds of their crimes, including by way of cryptoassets, so it's very encouraging to see the UK's premier fraud-fighting agency demonstrating that it can keep pace and demonstrably act in accordance with its business plan."
The news comes as the UK Home Office works towards the sale of at least £5 billion in bitcoin seized from criminals. The Home Office amassed the cryptoassets after freezing 61,000 BTC from a Ponzi scheme in 2018, though its victims have asked for the funds to be returned.
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