A UK National Crime Agency (NCA) officer is facing serious charges after allegedly stealing Bitcoin.
The Allegations
Prosecutors claim that Paul Chowles, a 42-year-old NCA officer, stole 50 Bitcoin (BTC) in 2017. At the time, the Bitcoin was worth around £60,000 ($77,658). Today, that same amount of Bitcoin is worth a staggering £3.26 million ($4.2 million).
Chowles has been charged with 11 counts of concealing or converting criminal property, three counts of acquiring or possessing criminal property, and one count of theft. He’s scheduled to appear in court on April 25th.
New Crypto Powers for UK Law Enforcement
These charges come less than a year after the UK gave its law enforcement agencies new powers to deal with cryptocurrency crime. These expanded powers allow authorities to seize crypto from criminals, even those based overseas, and to seize related items like flash drives and passwords. Police can even destroy crypto assets if it’s deemed in the public interest. Victims of crypto crime can also now apply to get their stolen digital assets back.
A chief prosecutor explained that these new powers are crucial for tackling the increasing use of cryptocurrency by criminals for money laundering. He highlighted the speed and ease with which criminals can move money internationally using crypto.
Disclaimer
This information is for news purposes only and should not be considered investment advice. Always do your own research before investing in cryptocurrencies.
