The UK’s Serious Fraud Office (SFO) has frozen the cryptocurrency assets belonging to Richard Yeowart, the former CEO of collapsed outside broadcast firm Arena TV.
The SFO has frozen equivalent to £10,865.76 in Bitcoin and £289.30 USDC belonging to Yeowart, a suspect in its ongoing investigation into the collapse of Arena TV.
This 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 as linked to suspected criminality, were frozen following a hearing at Westminster Magistrates’ Court.
The SFO’s case into Arena TV, 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.
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.”
Arena TV, one of the UK’s largest independently owned OB businesses, ceased trading in 2021 after more than 30 years in business.
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