The United Kingdom’s Home Office, the country’s interior ministry, is working with police on selling a stockpile of seized cryptocurrency which contains at least $7 billion USD worth of Bitcoin, The Telegraph reported Saturday.
Though the total value of all cryptocurrency seized by the UK is unknown, the stash contains at least 61,000 BTC which was recovered from a Chinese Ponzi scheme’s UK stash. A woman was sentenced to over six years in jail in 2024 for her role in laundering 150 BTC on behalf of a Chinese woman connected to the fraud. Though the victims have asked for the return of the funds, the Crown Prosecution Service has sought permission from the High Court to keep the seized BTC, with the cash then passing to the Treasury.
The possible sale has caught the attention of Chancellor of the Exchequer Rachel Reeves, who is facing a significant budget shortfall, The Telegraph reported. Reeves said in April that the UK Treasury is eager to work with the United States to better support innovation across the crypto industry through clearer regulation.
“Robust rules around crypto will boost investor confidence, support the growth of Fintech and protect people across the UK,” Reeves said in a statement at the time.
The UK government is also offering a contract to run a centralized service tasked with holding and selling seized cryptocurrencies, according to a tender notice issued by police-owned procurement company BlueLight Commercial on behalf of the Home Office. The contract, worth up to $53.7 million, would last at least four years. However, the proposal has not yet received acceptable bids, The Telegraph said.
Further complicating matters is the lengthy typical timeline between the seizure of digital assets by police and when those assets are cleared for sale.
“The average time between seizure of assets and conclusion of the legal proceedings (realisation) is within 1 year, for more complex cases can be 3 to 4 years,” the tender notice admits.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Trade Crypto On Coinhub Exchange
Trade Crypto On Coinhub Exchange
Stay ahead of the market by turning news insights into trading opportunities. With Coinhub Exchange, you can seamlessly buy, sell, and manage your digital assets, all in one secure platform. Take advantage of real-time market insights, deep liquidity, and fast execution for your favorite cryptocurrencies. Don’t just read about it — trade crypto now!
Disclaimer
The content of this article shown by Coinhub News, powered by The Block, is for informational purposes only and should not be construed as financial, legal, tax, or investment advice. Coinhub News and its affiliates are not a licensed financial advisor, legal advisor, broker, or tax advisor, and ... should not be considered as professional advice or a recommendation to engage in any specific investment, legal decision, or financial transaction. Cryptocurrency markets are highly speculative and volatile. Readers should perform their own independent research and consult with a qualified professional before making any financial or legal decisions. The opinions expressed in this article are those of the author and do not necessarily represent the views or opinions of the Company of its affiliates. Additionally, the Company does not make any representations or warranties regarding the accuracy, timeliness, reliability, or completeness of any information in this article. By accessing this content, you acknowledge that any reliance on the information contained in this article is solely at your own risk. The Company is not responsible for any financial losses, legal disputes, or other damages that may arise from reliance on this content or from any investment or legal decisions based on the information provided. Investing in cryptocurrencies involves substantial risks, including the risk of losing your entire investment, and you should carefully consider whether it is appropriate for your circumstances.
Read more
