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UK Police Crack Down on Crypto Fraud: Three Arrested in £15 Million Scam

The Metropolitan Police's Economic Crime Command has arrested three men in connection with a significant crypto scam in the UK.

This operation, known as Operation Galafarm, targets fraudulent activities that trick the public into investing in non-existent opportunities.

It is alleged that over £15 million (approximately $20 million) in stolen funds was funneled through various shell companies.

Law enforcement executed search warrants at six locations across London, leading to the detention of two men in Hackney.

A third suspect voluntarily turned himself in to police shortly afterward, with all three currently released on bail pending further investigations.

UK authorities have intensified measures against crypto-related crimes, empowering police and agencies like the National Crime Agency.

It is estimated that up to $5.1 billion in illicit crypto transactions are connected to the UK annually.

Additionally, the British government reportedly holds over 61,000 BTC from prior seizures, valued at more than $6.1 billion.

Despite rising crypto revenues, the government has confirmed no intentions of establishing a strategic Bitcoin reserve, unlike the U.S.

This development underscores the ongoing challenges authorities face in combating crypto fraud while navigating the complexities of digital asset regulation.