Unraveling the Crypto Scam: Operation Galafarm
Authorities in the United Kingdom apprehended three suspects as part of a probe into a cryptocurrency scam worth approximately $20 million.
With a wave of arrests, the Metropolitan Police's Economic Crime Command is cracking down on a long-standing crypto scam in the UK, codenamed Operation Galafarm.
Three men, aged 24, 36, and 36 have found themselves in the crosshairs of the investigation - these individuals are reported to have lured unsuspecting victims into bogus investment opportunities, with the intent to pilfer more than £15 million ($20 million) through a web of shell companies.
In the early morning hours of May 7, 2025, the Territorial Support Group stormed six addresses in Hackney, east London, arresting the two younger men on site. The 36-year-old man later surrendered to the authorities. All three have since been granted bail, pending further inquiries.
Crypto-Crime Crackdown in the UK
Law enforcement in the UK is ramped up its battle against crypto-related crime and money laundering. The government has empowered police forces and the National Crime Agency to seize, freeze, and even obliterate digital assets used by criminal entities.
Illicit transactions linked to the UK are estimated to top $5.1 billion per annum, according to the National Crime Agency (NCA). Meanwhile, the British government is Rumored to be in possession of over 61,000 BTC seized from criminals, a fortune now valued at over $6.1 billion after the cryptocurrency surged past the six-figure mark.
Recently, despite mounting pressure, the Economic Secretary to the Treasury made it clear that the UK has no intentions of following in the footsteps of the U.S. by establishing a strategic Bitcoin reserve. Emma Reynolds MP of the Labour party stated at the Financial Times Digital Asset Summit, "We don't think that's appropriate for our market. We understand that’s what the U.S. is going for, but that’s not the plan for us."
The government has been under fire for its decision to hold onto the seized Bitcoin instead of selling it to alleviate the mounting public debt, particularly with the introduction of contentious welfare cuts, including slashing winter fuel payments for pensioners.
Remain tuned for updates on Operation Galafarm and the ongoing fight against crypto-crime in the UK.
- The economic crime command of the Metropolitan Police is concentrating on Operation Galafarm, a long-standing crypto scam in the UK, aiming to decrypt the $20 million crypto fraud perpetrated by three men.
- The crypto scam investigation ensnared three men, aged 24, 36, and 36, who lured victims into bogus investment opportunities using digital assets like Bitcoin and other cryptocurrencies.
- On May 7, 2025, the Territorial Support Group apprehended the two younger men during raids at six addresses in Hackney, while the third individual surrendered to the authorities later.
- To combat crypto-related crime and money laundering, the UK government has vested police forces and the National Crime Agency with powers to seize, freeze, and even destroy digital assets used by criminal enterprises.
- Approximately $5.1 billion worth of illicit transactions is linked to the UK each year, according to the estimates of the National Crime Agency.
- The British government is alleged to possess over 61,000 BTC, seized from criminals, now valued at over $6.1 billion after the cryptocurrency Price surge.
- The Economic Secretary to the Treasury rejected allegations about creating a strategic Bitcoin reserve, stating that it was not suitable for the UK market and was solely the U.S's plan.
- The government's decision to retain the seized Bitcoin instead of selling it has sparked controversy, particularly with the implementation of controversial welfare cuts such as reducing winter fuel payments for pensioners.
