London Police Partner with Law Firm to Launch Civil Asset Crypto Recovery Scheme

On April 6th, as per the report by Decrypt, the London City Police have joined forces with the law firm Gowling WLG to initiate a civil asset recovery plan. This plan is primarily targeted at cases where criminal prosecution is not feasible, presenting an opportunity for victims of cryptocurrency fraud to regain their assets. Previously, in a pilot project, the UK police successfully retrieved £520,000 (approximately $671,000) worth of stolen cryptocurrency for an 80-year-old man. This recovery action was made possible by updates to the Proceeds of Crime Act 2002, which granted the police the authority to freeze stolen digital assets. Bríd Holden, the Director of Gowling, expressed the hope that through this collaboration, the willingness of victims to report cases will rise. They will coordinate the recovery work between the police and the victims as well as their legal representatives to combat organized crime groups.