The UK’s Serious Fraud Office (SFO) has frozen £10,865.76 ($14,660.25) in Bitcoin and £289.30 in USDC linked to Richard Yeowart, the CEO of the collapsed Arena TV.
The move is part of an ongoing investigation and represents the first use of powers introduced last year to freeze cryptocurrency assets.
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According to the press release, the assets were identified by SFO proceeds of crime specialists as linked to suspected criminal activities.
Following a hearing at Westminster Magistrates’ Court, the assets will be held for up to nine months, allowing any affected parties to come forward.
The investigation has so far included a raid, three arrests, and searches of three properties.
Gherson Solicitors head of regulatory and white-collar crime and partner Thomas Cattee said: “It is great to see the SFO finally using these new powers to attempt to freeze and seize the alleged proceeds of crime stored in novel ways.
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By GlobalData“Whilst these new powers will of course not be suitable for every investigation, it is clear from countless examples that fraudsters are turning to new and novel ways to hide the alleged proceeds of their crimes, including by way of cryptoassets, so it is very encouraging to see the UK’s premier fraud-fighting agency demonstrating that it can keep pace and demonstrably act in accordance with its business plan.”
SFO 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.”
Gherson Solicitors had previously submitted Freedom of Information Requests to the SFO and HM Revenue and Customs (HMRC) to evaluate their use of Crypto Wallet Freezing Orders and Crypto Wallet Forfeiture Orders since their introduction in April 2024.
The SFO had not used these orders until now, while HMRC confirmed limited use.
For the fiscal years 2024-2025 and 2025-2026, HMRC reported seeking less than five such orders, though exact numbers were withheld to protect individual identities.
