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Investigation: UK authorities have frozen nearly $7.7 million in illegal crypto assets within a year

ChainCatcher news, a MailOnline investigation shows that since April 2024, UK authorities have frozen illegal cryptocurrency assets worth approximately $7.7 million (£6 million).Last year, the UK revised relevant regulations, granting the National Crime Agency (NCA) and police special powers to freeze, seize, and destroy cryptocurrencies associated with crime and criminals. These powers allow the police to freeze cryptocurrency wallets for up to three years. If the court is convinced that these funds originate from illegal sources or will be used for criminal purposes, officials can also seize these assets. This special power also enables law enforcement to seize any cryptocurrency wallets suspected of being linked to criminal organizations without the need for an arrest. Authorities have also been granted the power to destroy these assets if they believe that reintroducing the seized cryptocurrency into circulation "is not in the public interest." This may include privacy coins commonly used by criminals to obscure the source of funds.According to court documents analyzed by MailOnline, the largest freezing order was issued for a wallet held on Coinbase. This wallet contains tokens worth $1.94 million (£1.5 million). The freezing order was issued by the Newcastle upon Tyne Magistrates' Court on March 18. The court order was applied for by HM Revenue and Customs (HMRC), indicating that the case may be related to tax evasion. The identity of the wallet owner remains a mystery.

4E: Tariffs and inflation squeeze, risk aversion rises, focus this week on Trump's "reciprocal tariffs" and non-farm data

ChainCatcher news reports that, according to 4E monitoring, the data released last week has heightened market concerns about the U.S. economic outlook. Increasing signs indicate that due to worries about tariffs driving up inflation, U.S. consumer confidence has significantly declined, spending has decreased, and long-term inflation expectations have risen. U.S. stocks fell sharply last week, ending the strong rebound from the previous week. The S&P 500 index fell by 1.53%, the Dow Jones by 0.96%, and the Nasdaq by 2.59%. The Magnificent 7 index of tech giants dropped by 2.95% last week.The cryptocurrency market followed the U.S. stock market's downward trend. Bitcoin started the week by rising close to $89,000, but then fell back under pressure from Trump's tariff news, with Friday's PCE data further exacerbating the decline. As of the deadline, it was reported at $81,884, down 4.46% over the past 7 days. Other major tokens generally fell, with Ethereum dropping below $1,800, nearing new lows. Market sentiment remains gloomy and may continue to be under pressure until Trump's tariff actions become clearer.In the forex market, the U.S. dollar index fluctuated and fell by 0.05% last week; risk assets were suppressed by safe-haven demand, while geopolitical tensions supported some bottoming out. Oil prices rose by about 2% last week, and gold has increased for four consecutive weeks, reaching a new historical high, with spot gold surpassing $3,100.Last week's weak data reignited economic concerns, leading to a comprehensive decline in financial markets. As Trump's "reciprocal tariffs" loom on April 2, market nerves are frayed, and safe-haven sentiment is rising. Additionally, the U.S. non-farm payroll report for March will be released this Friday evening, followed by a speech from Powell. The Federal Reserve held steady in March, and the market is looking forward to Powell's further insights on the U.S. economy, inflation, and the impact of Trump's tariff policies, seeking new clues for the direction of the Fed's monetary policy and more reliable guidance for the market direction in April.
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