The latest report from the UK's National Crime Agency (NCA) shows that the amount of illegal cryptocurrency transactions linked to the UK is as high as $5.10 billion per year. The report states that the frequency of cryptocurrency crime is on the rise, especially money laundering, and this trend is expected to continue. The NCA said cryptocurrencies remained an important tool in money laundering, dark web transactions and extortion, and that their legitimate use also provided opportunities for crime. Between $1.70 billion and $5.10 billion a year in illegal crypto transactions are linked to the UK, with a "significant portion" involving corrupt elites overseas. In 2023, the NCA established a dedicated cryptocurrency unit and in April 2024 was given greater seizure powers, including seizing crypto assets without arresting a suspect. The report also describes the NCA's role in cracking down on the LockBit cybercrime ring, which received more than $120 million in ransoms from more than 2,000 victims worldwide.