On June 9, the UK government has brought in a new expert to help track down crypto assets in bankruptcy and fraud investigations.
Andrew Small, a former police officer with experience in financial crime, has joined the Insolvency Service as its first specialist in crypto intelligence.
His primary task will be to assist in identifying and recovering digital assets that have not been declared in insolvency cases. He will also support investigators who deal with companies or individuals that owe money and may be hiding part of their funds in crypto.
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The number of insolvency cases involving digital assets has grown in recent years. Over the last five years, there has been a 420% increase in cases involving cryptocurrency. The value of digital assets found in these cases also reached over £523,000.
Small said that as more people in the UK have started using crypto, it is also becoming more common to find it in bankruptcy cases. He explained that, even when stored online, cryptocurrencies can still be traced and recovered, as long as investigators understand how the technology works.
His role is to provide advice on various types of digital currencies and their storage, purchase, and sale. This includes cryptocurrencies like Bitcoin
$105,348.01
and Ethereum
$2,529.28
, meme coins such as Dogecoin
$0.1760
, and non-fungible token (NFT) artwork.
The Monetary Authority of Singapore (MAS) recently announced new regulations for overseas crypto services in the country. What did they say? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
