The City of London Police has launched a civil asset recovery program in collaboration with the legal firm Gowling WLG, following a successful pilot that recovered cryptocurrency assets for an elderly victim of a £2 million fraud. This initiative aims to enhance coordination between police and stakeholders, enabling victims of fraud, particularly related to cryptocurrencies, to recoup some of their losses where criminal prosecution is not feasible. Recently, police recovered approximately $671,000 in crypto for an 80-year-old man, representing a major first under the Proceeds of Crime Act 2002. The police's effort reflects a growing trend of asset recovery in the UK, with hopes that such initiatives will encourage more victims to report fraud and raise general awareness about it. Legal experts emphasize the need for partnerships between law enforcement and legal firms to effectively tackle the pervasive issue of cryptocurrency fraud and aid victims in recovering lost funds.

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