Bitcoin’s rise turns 2017 theft into multimillion-pound scandal for UK officer

British authorities have charged National Crime Agency (NCA) officer Paul Chowles with multiple offenses related to the alleged theft of 50 Bitcoin in 2017.

At the time of the alleged theft in 2017, the Bitcoins were valued at approximately £60,000 (equivalent to $77,400).

However, with Bitcoin’s surge in value over the years, the assets’ value has significantly increased and is now worth around £3.2 million (more than $4 million).

The case

On March 13, the Crown Prosecution Service (CPS) confirmed that Merseyside Police had been authorized to proceed with the case.

Malcolm McHaffie, Head of the Crown Prosecution Service Special Crime Division, said:

“Mr Chowles, 42, is due to be charged with 11 offences of concealing, disguising, or converting criminal property, three offences of acquiring, using or possessing converting criminal property and a single count of theft.”

Chowles is expected to appear before Liverpool Magistrates’ Court on April 25.

The CPS emphasized that criminal proceedings are active and that Chowles is entitled to a fair trial. It also warned against online discussions or reports that could influence the legal process.

The CPS Special Crime Division handles some of England and Wales’s most complex and sensitive cases, including serious allegations against police officers, corporate manslaughter, and election-related offenses.

NCA’s role in fighting crypto crimes

As the UK’s leading agency for tackling serious and organized crime, the NCA focuses on combating threats such as cybercrime and financial fraud at national and international levels.

Last year, it was granted powers to seize, freeze, and destroy cryptocurrencies used for criminal activities.

The agency flexed this authority in December 2024 when it spearheaded an international operation targeting Russian money laundering networks involved in organized crime across multiple regions, including the UK, the Middle East, Russia, and South America.

The operation, known as Operation Destabilise, led to the arrests of 84 individuals linked to two Russian-speaking crime syndicates, Smart and TGR.

It also led to the seizure of £20 million ($25.4 million) in cash and crypto.