Following a hearing at Westminster Magistrates’ Court, the agency has acted to freeze assets with a value equivalent to £10,865.76 in Bitcoin and £289.30 USDC, which it believes are linked to suspected criminality.
The move marks the first time the SFO has used powers that came into force last year enabling it to freeze cryptocurrency. Yeowart remains a suspect in the ongoing investigation into Arena TV, which collapsed in 2021 and has been at the centre of lengthy legal proceedings. The assets will be held for up to nine months to allow any affected parties to come forward, said the agency.
Investigations into the collapse are ongoing, with a range of suspects identified. So far, the SFO has conducted a raid and three searches of properties in connection with the case. Three arrests have been made.
Emma Luxton, director of operations at the SFO said, “We are committed to using every tool at our disposal to prevent criminals from benefitting from their crimes, wherever they hide their assets. Our first Crypto Wallet Freezing Order is an important step as we build our crypto asset capability and signals our intentions as we adapt to tackle increasingly sophisticated attempts to hide criminal assets.
