ICYMI: Why the UK authorities’ £1.4 million NFT seizure isn’t groundbreaking
£5,000 worth of other crypto assets.hile the processes are new, the practice of repossessing property to fight fraud has been around for decades.Cyber security officials poured cold water on the idea that a recent move to seize crypto assets in the UK, including three NFTs, had broken new ground., the UK’s tax authority arrested three people on suspicion of attempting to defraud it of £1.4 million.
The NFTs were seized alongside £5,000 worth of other crypto assets. Officials said that the seizure was a"warning to anyone who thinks they can use crypto assets to hide money." As this plays out, asset recovery specialists in the UK are less than impressed with the touted novelty of HMRC’s haul. While the processes are new, the practice of repossessing property to fight fraud has been around for decades.
Nick Furneaux, managing director of CSITech, a digital investigations and training agency which operates across the world, says his team are working at “absolute bleeding capacity” with training courses for forces in both the UK and US.
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