UK Appoints First Dedicated Crypto Recovery Expert Amid 420% Rise in Insolvency Cases Involving Digital Assets
🚨UK Appoints First Crypto Recovery Expert for Insolvencies
📍The Insolvency Service UK has hired its first dedicated crypto intelligence specialist, Andrew Small, to help trace digital assets in bankruptcy cases.
🎤 Neil Freebury, head of intelligence at the Insolvency Service, said:
“Crypto is growing in popularity, and we’ve seen the number of insolvency cases involving cryptoasset ownership rise four-fold in the past five years.”
📍Some Facts:
➡️ The new cryptoasset intelligence role is based within the Insolvency Service’s Investigation and Enforcement Services team.
➡️ Number of insolvencies where crypto is identified as an asset has increased 420% in five years
➡️ More than £500,000 in cryptoassets identified in insolvency cases last year — 364 times higher than in 2019/20
➡️ New role will help the agency recover more money owed to creditors in insolvency cases
➡️ Crypto-related recoveries have soared 420% in five years, prompting the move.
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