The UK Home Office is preparing to liquidate billions of pounds worth of seized cryptocurrencies, primarily consisting of 61,000 bitcoins confiscated in a 2018 Ponzi scheme investigation. These digital assets, now valued at over £5.4 billion ($7 billion), represent a twentyfold increase in value since their original seizure.
Collaborating closely with law enforcement agencies, the Home Office is developing a specialized framework designed to securely store, manage, and ultimately monetize frozen digital assets. This initiative forms part of a broader strategy to address fiscal pressures.
The operational management of these assets has been entrusted to BlueLight Commercial, operating under a significant contract potentially worth up to $53.7 million, with a minimum duration of four years. Despite the substantial value locked in these holdings, officials report that no satisfactory bids have yet been received for the sale of the seized bitcoins.