The agency in charge of criminal prosecutions in England and Wales has revealed that a National Crime Agency (NCA) officer is set to face charges for the alleged theft of Bitcoin valued at approximately $75,000 in 2017.
On March 14, the Crown Prosecution Service announced that it had authorized Merseyside Police to proceed with charges against officer Paul Chowles, who is implicated in 15 offenses related to the suspected Bitcoin (BTC) theft “during an investigation into online organized crime.” Officials stated that Chowles may face one charge of theft, along with 11 charges for concealing, disguising, or converting criminal property, and three counts involving the acquisition, use, or possession of criminal property.
The 50 Bitcoin, initially worth around $75,000 prior to the December 2017 price surge, has since skyrocketed in value to over $4.2 million, based on a BTC price of $84,541 at the time of this report. The NCA officer is anticipated to appear at the Liverpool Magistrates’ Court on April 25.
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In April 2024, updates to the Economic Crime and Corporate Transparency Act in the UK empowered NCA officers and local law enforcement to confiscate cryptocurrency from suspected criminals without making arrests. The Crown Prosecution Service did not provide details on how Chowles allegedly misappropriated the Bitcoin or if the funds were linked to illegal activities.
Crypto Regulations Abroad
The NCA indicated in December 2024 that it had confiscated roughly $26 million in cash and cryptocurrency while arresting 84 individuals as part of a broader initiative to combat money laundering and organized crime. Several of the cryptocurrency addresses targeted by UK authorities displayed consistent engagement with Garantex. The founder of the Russian exchange was arrested in India in March and is expected to be extradited to the U.S. to face criminal charges.
The UK government is poised to advance the development of a comprehensive regulatory framework for digital assets in 2025 following the Labour party’s electoral success. The nation continues to be a crucial market for cryptocurrency users, with Coinbase receiving approval to operate from the financial regulatory authority in February.
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