The Serious Fraud Office has frozen funds equivalent to 10,865.76 in Bitcoin and £289.30 USDC belonging to Richard Yeowart, a suspect in the ongoing investigation into collapsed outside broadcast company Arena TV.
It is the first time the agency has used new powers that came into force last year to freeze cryptocurrency.
The assets, identified by proceeds of crime specialists at the SFO, were frozen following a hearing at Westminster Magistrates’ Court this week.
Director of Operations, Emma Luxton, 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.”
Arena TV collapsed in November 2021 with administrators Kroll subsequently revealing that the company owed almost £300 million in loans to 55 lenders including HSBC and Lloyds.
The SFO’s case, which remains ongoing, has so far involved a raid, three arrests and the search of three properties in an investigation involving a range of suspects.
