NCA Officer Charged in £3.2M Bitcoin Theft Case

British authorities have charged a National Crime Agency (NCA) officer, Paul Chowles, with multiple offenses related to the alleged theft of 50 Bitcoin in 2017. At the time of the alleged theft, the Bitcoins were valued at approximately £60,000. However, with Bitcoin’s surge in value over the years, the assets’ value has significantly increased and is now worth around £3.2 million.

On March 13, the Crown Prosecution Service (CPS) confirmed that Merseyside Police had been authorized to proceed with the case. Malcolm McHaffie, Head of the Crown Prosecution Service Special Crime Division, stated that Chowles, 42, is due to be charged with 11 offenses of concealing, disguising, or converting criminal property, three offenses of acquiring, using or possessing converting criminal property and a single count of theft. Chowles is expected to appear before Liverpool Magistrates’ Court on April 25.

The CPS emphasized that criminal proceedings are active and that Chowles is entitled to a fair trial. It also warned against online discussions or reports that could influence the legal process. The CPS Special Crime Division handles some of England and Wales’s most complex and sensitive cases, including serious allegations against police officers, corporate manslaughter, and election-related offenses.

The NCA, as the UK’s leading agency for tackling serious and organized crime, focuses on combating threats such as cybercrime and financial fraud at national and international levels. Last year, it was granted powers to seize, freeze, and destroy cryptocurrencies used for criminal activities. The agency demonstrated this authority in December 2024 when it spearheaded an international operation targeting Russian money laundering networks involved in organized crime across multiple regions.

The operation, known as Operation Destabilise, led to the arrests of 84 individuals linked to two Russian-speaking crime syndicates. It also resulted in the seizure of £20 million in cash and crypto. This operation highlights the NCA's commitment to combating financial crimes, including those involving cryptocurrencies.

The case against Chowles underscores the evolving nature of financial crimes and the challenges faced by law enforcement agencies in dealing with digital assets. The significant increase in the value of the stolen Bitcoin has turned a relatively minor theft into a multimillion-pound scandal, drawing attention to the need for robust regulatory frameworks and enforcement mechanisms in the cryptocurrency space.