In a decisive move to counter the escalating use of cryptocurrencies in criminal activities, London’s Metropolitan Police established a 40-member team specializing in crypto investigations.

The move comes as authorities express mounting concerns that digital currencies now play an ‘endemic role’ in organized crime.

UK Crypto Fraud Cases Skyrocket

Since its inception in May, the specialized squad has swiftly responded to 74 intelligence referrals, resulting in 19 active criminal investigations. This proactive approach reflects law enforcement’s urgency in addressing the rising tide of crypto-related crimes.

The allure of cryptocurrencies for criminal networks lies in their capacity to obfuscate assets and enable seamless cross-border transactions. Bitcoin, in particular, has long been favored for its ability to shield illicit wealth transfers, presenting a considerable challenge for law enforcement agencies worldwide.

Recent statistics from a leading law firm, RPC, reveal a 41% surge in reported UK crypto fraud cases over the past year, amounting to a staggering £306 million. This stark increase underscores the urgent need for targeted efforts to combat crypto-enabled criminal activities.

Detective Inspector Geoff Donoghue, heading the Met’s crypto investigation team, underscored the paradigm shift in the perception of cryptocurrencies within criminal enterprises. Once regarded as a niche avenue, growing evidence suggests that digital currencies have now permeated various illegal activities, including drug trafficking, weapons transactions, human exploitation, and other nefarious enterprises.

Israeli police recently blocked cryptocurrency accounts associated with gathering donations for Hamas, highlighting the direct link between digital currencies and funding for terrorist organizations.

Blockchain researchers at TRM Labs reported that crypto