SFO uses new powers to freeze suspected cryptoassets

The Serious Fraud Office (SFO) has, for the first time, used new powers to freeze cryptoassets as part of its investigation into the collapse of Arena TV. This marks a significant step in the agency’s efforts to target alleged criminal proceeds stored in digital form.

Thomas Cattee, Partner and Head of Regulatory and White-Collar Crime at Gherson Solicitors LLP, commented:

“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”.

Read the full article via Finextra: SFO uses new powers to seize over £10,000 in bitcoin