Golden Finance News: The UK Bankruptcy Office has made an important personnel appointment, with former detective Andrew Small becoming its first full-time crypto intelligence expert. This measure aims to significantly enhance the institution’s ability to track and recover digital assets such as Bitcoin in bankruptcy and criminal cases.
Over the past five years, the number of bankruptcy cases involving crypto assets in the UK has risen sharply, with an increase of up to 420%. The total value of the assets involved in the case has soared from a mere £1,400 in the fiscal year 2019/20 to over £520,000 in the fiscal year 2024/25. As crypto assets become increasingly common in economic activities, their proportion in bankruptcy and criminal cases is constantly growing, posing new challenges to traditional asset tracking and recovery efforts.
After Andrew Small takes office, he will rely on his professional knowledge and experience to assist the Bankruptcy Office in handling the crypto assets held by debtors more efficiently. On the one hand, in bankruptcy cases, these assets can be liquidated to repay debts to creditors and minimize their losses to the greatest extent. On the other hand, in criminal cases, it can assist law enforcement agencies in tracking the flow of criminal funds, crack down on illegal and criminal activities carried out using crypto assets, and thereby contribute to the overall economic stability of the UK.
The UK Bankruptcy Office stated that the establishment of the new position is a necessary move in line with the development trend of the crypto asset market. In the future, we will continue to improve the relevant mechanisms and processes to ensure that in the complex and ever-changing field of crypto assets, we can effectively safeguard the legitimate rights and interests of all parties and maintain economic order.
Related Topics:
- KULR spent 13 million US dollars to increase his holdings by 118.6 Bitcoins, bringing his total holdings to 920
- On-chain monitoring shows that two whales have shorted BTC, with a combined position of over 108 million US dollars
- The first meeting of the China-Us economic and trade consultation mechanism was held in the UK, attracting global attention to new trends in the economic and trade landscape
