£300MILLION Bitcoin bust: Police seize two multi-million pound hauls of cryptocurrency in space of a month in huge money-laundering crackdown

The Met Police have seized a record £180million worth of Bitcoin linked to international money laundering in London, in what is thought to be one of the biggest crackdowns on cryptocurrency globally.

Detectives from Scotland Yard's Economic Crime Command made the seizure on Saturday, just weeks after the force's £114million confiscation.

One bitcoin is currently worth £23,500, having fallen from a peak of £47,126, meaning the sum confiscated may have been worth nearly double three months ago.

A 39-year-old woman was arrested on June 24 on suspicion of money laundering offences, the Met Police said. She was released on bail.

The same woman was interviewed under caution in relation to the discovery of the £180million on Saturday. She has been bailed to a date in late July.

A Met Police spokesman said the seizures were made on the back of intelligence received about the transfer of criminal assets and form part of an ongoing investigation into international money laundering.

The Met Police have seized a record £180million worth of Bitcoin linked to international money laundering in London, in what is thought to be one of the biggest crackdowns on cryptocurrency globally

What is Bitcoin and how does it work? 

Bitcoins are created through a complex process known as mining and then monitored by a network of computers across the world

Unlike conventional currency, Bitcoin largely exists online.

Bitcoins are created through a complex process known as mining and then monitored by a network of computers across the world.

The cryptocurrency has proved popular with criminals to buy drugs and guns as it can be traded anonymously and is unregulated.

In recent years, police seizures of cryptocurrency have been growing.

The Met's Deputy Assistant Commissioner Graham McNulty said: 'Every single part of the Met is working to reduce violence on the streets of London as an absolute priority, this includes our financial investigators.

'There is an inherent link between money and violence.' 

Surrey Police were the first force in 2019 to capture more than £1.2million worth of Bitcoin from a senior member of an organised crime gang.

Serejgs Teresko, was jailed for nine years for money laundering and drugs offences relating to a large cannabis factory in Virginia Water.

In a statement released today, Detective Constable Joe Ryan said: 'Less than a month ago we successfully seized £114million in cryptocurrency. Our investigation since then has been complex and wide-ranging. 

'We have worked hard to trace this money and identify the criminality it may be linked to. Today's seizure is another significant landmark in this investigation which will continue for months to come as we hone in on those at the centre of this suspected money laundering operation.'

Deputy Assistant Commissioner Graham McNulty said: 'Proceeds of crime are laundered in many different ways. While cash still remains king in the criminal word, as digital platforms develop we're increasingly seeing organised criminals using cryptocurrency to launder their dirty money.

'Whilst some years ago this was fairly unchartered territory, we now have highly trained officers and specialist units working hard in this space to remain one step ahead of those using it for illicit gain.

'The detectives on this case have worked tirelessly and meticulously to trace millions of pounds worth of cryptocurrency suspected of being linked to criminality and now being laundered to hide the trail. 

'Those linked to this money are clearly working hard to hide it. Our investigation will stop at nothing to disrupt the transfer and identify those involved.'

The investigation continues.

Bitcoin is a an online type of money which is created using computer code. It was invented in 2009 by someone calling themselves Satoshi Nakamoto, a mysterious computer coder who has never been found or identified themselves.

Bitcoins are created without using middlemen, which means no banks take a fee when they are exchanged. They are stored in what are called virtual wallets known as blockchains which keep track of your money.

One of the selling points is that it can be used to buy things anonymously.

However, this has left the currency open to criticism and calls for tighter regulation as terrorists and criminals have used to it traffic drugs and guns.

Bitcoins are created through a process known as 'mining' which involves computers solving difficult maths problems with a 64-digit solution. Every time a new maths problem is solved a fresh Bitcoin is produced.

Some people create powerful computers for the sole purpose of creating Bitcoins, which can require a huge amount of energy to run.

But the number which can be produced are limited - meaning the currency should maintain a certain level of value.

Some people value Bitcoin because it is a form of currency which cuts out banking middlemen and the Government, a form of peer to peer currency exchange.

And all transactions are recorded publicly so it is very hard to counterfeit.

Detectives from Scotland Yard's Economic Crime Command made the seizure on Saturday, just weeks after the force's £114million confiscation  

Its value surged in 2017, beating the 'tulip mania' of the 17th Century and the dot com boom of the early 2000s to be the biggest bubble in history.

But the bubble appeared to have burst, and questions arose over what market there is for it long-term. However, it has since boomed again, and in March 2021, surpassed the $60,000 mark for the first time.

The process of mining bitcoins is incredibly energy-intensive, meaning the electricity supply is likely to stem from the burning of fossil fuels. Incredibly, Bitcoin mining firms use more data than all the internet search giants combined. 

Microsoft co-founder Bill Gates warned earlier this year that the cryptocurrency was 'not a great climate thing'. 

Billionaire entrepreneur Elon Musk, the owner of electric car firm Tesla, said earlier this month that he was 'concerned' about the environmental impact of Bitcoin mining. 

Mr Musk wrote in a Tweet: 'We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.'

'Cryptocurrency is a good idea... but this cannot come at great cost to the environment.' 

The firm then banned customers from using Bitcoin to buy its cars, after revealing in February it had bought £1billion of the world's biggest digital currency.