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UK Police Seize $2.7M in Crypto From Teenager in Money Laundering Investigation
The 17-year-old appeared in court on Tuesday and was sentenced to community service.
Updated May 11, 2023, 5:51 p.m. Published Oct 27, 2021, 11:57 a.m.
U.K. police seized more than £2 million ($2.7 million) in cryptocurrency from a 17-year-old during an investigation into what they called a “sophisticated cyber fraud.”
- Detectives from the Cyber Crime Unit said they had uncovered links to money laundering through cryptocurrency, which led to the seizure of more than 48 bitcoin and other cryptocurrencies.
- The teenager, who was not identified for legal reasons, was arrested in August 2020 following an investigation into reports of credit card fraud and the theft of personal information to defraud a digital gift voucher company out of approximately £6,000 ($8,200).
- Links to money laundering through cryptocurrency were discovered later.
- The youth appeared in court in the northern English city of Lincoln on Tuesday and was sentenced to service in the community.
- “This was a sophisticated cyber fraud and a complex investigation which involved our Cyber Crime Unit working collaboratively with a number of external agencies and other internal departments,” said Cyber Crime Investigator Detective Constable Luke Casey.
Read more: International Police Seize $4.9M in Crypto From Alleged Darknet Drug Traffickers
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
What to know:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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