The City of London Police has formally launched a civil asset recovery initiative in collaboration with law firm Gowling WLG, following a successful pilot case that recovered funds stolen in a £2 million crypto scam targeting an elderly victim.
The program is designed to offer victims of crypto-related fraud a path to restitution in cases where criminal prosecution is not viable—often due to jurisdictional challenges, lack of evidence, or the anonymity of perpetrators. It will streamline coordination between law enforcement, victims, and legal representatives to pursue civil avenues for asset retrieval.
By bridging the gap between policing and private legal support, the initiative aims to address a growing backlog of unresolved crypto fraud cases and provide a modern framework for asset recovery in the digital age.
“After a successful pilot, we are pleased to be working on this initiative with City of London Police to investigate and support victims to recoup monies lost to such frauds,” Bríd Holden, Director at Gowling WLG said.
“We are hoping that working in collaboration with City of London Police will change the landscape and encourage more victims to report fraud, raising awareness generally, but also our aim is that this partnership will recover monies for victims of such frauds.“
New Recovery Program to Disrupt Crime Networks
With cryptocurrency scams causing an estimated $9.9 billion in global losses in 2024, both legal and law enforcement officials in the UK are calling for stronger victim engagement and increased public awareness.
Holden stated that her firm hopes the partnership with the City of London Police will not only help victims recover stolen funds, but also encourage more people to report crypto fraud—a key step toward systemic prevention.
Detective Chief Inspector Craig Mullish echoed that sentiment, emphasizing that the financial impact of fraud can have lasting consequences even without physical harm. He added that financial restitution is critical in helping victims rebuild their lives.
Beyond aiding individuals, the City of London Police believes that civil asset recovery programs can serve a broader public interest. Research from the force suggests that recovering stolen funds—even outside the scope of criminal trials—can generate valuable intelligence and weaken the financial infrastructure of organized crime groups operating in the UK’s digital economy.
New Legal Powers in Crypto Fraud Cases
Just one week prior to the official launch of the new recovery program, UK authorities successfully retrieved over £520,000 (approximately $670,000) in stolen cryptocurrency linked to an 80-year-old fraud victim. The case marked one of the first applications of updated provisions under the Proceeds of Crime Act 2002, which now grants law enforcement the authority to freeze unlawfully obtained digital assets.
The recovery highlights the growing role of legal reforms in enabling more effective responses to crypto-related crime. By leveraging new powers, police were able to work alongside legal professionals to secure the return of stolen funds—something that has historically been difficult to achieve without support from crypto-specific legal experts.
Officials suggest that this collaborative approach, built on enhanced legal tools and coordinated civil action, could serve as a model for future recovery efforts. As crypto scams grow in scale and sophistication, partnerships between law enforcement and legal institutions are increasingly viewed as critical to closing the recovery gap for fraud victims.
Quick Facts
- The City of London Police and Gowling WLG have formalized a partnership to recover funds lost in cryptocurrency fraud cases.
- A successful pilot program demonstrated the effectiveness of collaboration between law enforcement and legal experts in asset recovery.
- In 2024, global losses from cryptocurrency scams totaled approximately $9.9 billion.
