NCA report: $5.1 billion in illegal crypto transactions linked to the UK each year

ChainCatcher news, the latest report from the UK's National Crime Agency (NCA) shows that the amount of illegal cryptocurrency transactions related to the UK reaches up to $5.1 billion annually. The frequency of cryptocurrency crimes is rising, particularly with an increase in money laundering activities, and this trend is expected to continue.

The NCA states that cryptocurrency remains an important tool in money laundering, dark web transactions, and extortion, and its legitimate use also provides opportunities for crime. Illegal cryptocurrency transactions related to the UK range from $1.7 billion to $5.1 billion each year, with a "significant portion" involving corrupt elites overseas. In 2023, the NCA established a dedicated cryptocurrency department and gained greater seizure powers in April 2024, including the ability to seize crypto assets without arresting suspects. The report also highlights the NCA's role in combating the LockBit cybercrime gang, which has extorted over $120 million from more than 2,000 victims worldwide.