The agency in charge of criminal prosecutions in England and Wales has announced that a National Crime Agency (NCA) officer is set to face charges for an alleged Bitcoin theft amounting to approximately $75,000 that occurred in 2017.
On March 14, the Crown Prosecution Service confirmed its approval for Merseyside Police to charge NCA officer Paul Chowles with 15 offenses related to the purported theft of Bitcoin (BTC) “during an investigation into online organized crime.” According to authorities, Chowles may be charged with one count of theft, alongside 11 charges for concealing, disguising, or converting criminal property, and three counts for acquiring, using, or possessing criminal property.
The 50 Bitcoin, valued at around $75,000 prior to the December 2017 bull run, had surged to over $4.2 million at the time of publication, with BTC priced at $84,541. The NCA officer is scheduled to appear at the Liverpool Magistrates’ Court on April 25.
Related: British man sues council for $647M over lost Bitcoin in landfill
In April 2024, updates to the UK’s Economic Crime and Corporate Transparency Act empowered NCA officers and local police to seize cryptocurrency from suspected criminals without the need for arrest. The Crown Prosecution Service did not disclose the method by which Chowles allegedly stole the Bitcoin, nor whether the assets were linked to any unlawful activities.
Crypto policies across the pond
The NCA reported in December 2024 that it had confiscated approximately $26 million in cash and cryptocurrency and arrested 84 individuals as part of a global initiative to combat money laundering and organized crime. Some of the crypto addresses targeted by UK authorities at that time “indicated regular exposure to Garantex.” The founder of the Russian crypto exchange was apprehended in India in March and is anticipated to be extradited to the US to face criminal charges.
The UK government is poised to advance efforts in formulating a comprehensive regulatory framework for digital assets in 2025, following the Labour party’s electoral success. The nation continues to be a vital market for cryptocurrency users, with Coinbase receiving regulatory approval to operate from the financial oversight body in February.
Magazine: Crypto enthusiasts are captivated by longevity and biohacking: Here’s why
