A UK police officer is facing serious charges for allegedly stealing a significant amount of Bitcoin.
Officer Accused of Bitcoin Theft
Paul Chowles, a 42-year-old National Crime Agency (NCA) officer from Bristol, has been charged with stealing 50 Bitcoin in 2017. Merseyside Police allege he took the Bitcoin during an investigation into online crime. Back then, the 50 Bitcoin was worth around £60,000 ($75,000). However, with Bitcoin’s price increase, that same amount is now worth a whopping £3.2 million ($4.2 million)!
Chowles faces a total of 15 charges, including theft and various money laundering offenses. He’s scheduled to appear in court on April 25, 2025. If convicted on all counts, he could theoretically face over 200 years in prison, although sentences usually run concurrently.
Potential Prison Time
Each money laundering charge carries a maximum 14-year sentence, and the theft charge carries a maximum of seven years.
UK’s Crypto Regulations in the Works
Separately, the UK is working on new regulations for cryptocurrencies. The Financial Conduct Authority (FCA) plans to release consultation papers on stablecoin regulations before the first quarter of 2025. This is part of a broader effort to create a comprehensive regulatory framework for crypto, planned for implementation in 2026. The FCA will also be looking at regulations around lending, trading platforms, and staking.
