UK Police Arrest Three in $20M Crypto Scam Investigation
Three men were arrested in the UK as part of Operation Galafarm, investigating a crypto scam that targeted the public with fake investment opportunities. Over £15 million ($20 million) in stolen funds was allegedly laundered through shell companies. Search warrants were executed at six locations, leading to the detention of two men in Hackney on May 7, with a third man later surrendering to police. All three have been released on bail pending further inquiries. UK law enforcement is intensifying efforts against crypto crime, with the government granting police and the National Crime Agency enhanced powers to manage digital assets linked to criminal activity. Estimates suggest illicit crypto transactions in the UK reach up to $5.1 billion annually. The British government currently holds over 61,000 BTC, valued at over $6.1 billion. However, the Economic Secretary to the Treasury stated there are no plans to create a strategic Bitcoin reserve, unlike the U.S., and has faced scrutiny for not selling seized Bitcoin to support public finances amid welfare cuts.
