U.K. Police Officer Charged With Bitcoin Theft Worth Over £3m

Paul Chowles, an operational officer with the UK’s National Crime Agency, has been charged with multiple offenses linked to the alleged misappropriation of Bitcoin during an investigation into online organized crime in 2017.

The Crown Prosecution Service authorized Merseyside Police to charge Chowles, 42, with 11 counts of concealing, disguising, or converting criminal property, three counts of acquiring, using, or possessing criminal property, and one count of theft. 

He is set to appear at Liverpool Magistrates’ Court on 25 April.

In a statement, Malcolm McHaffie, head of the CPS Special Crime Division, confirmed the charges and reminded the public of the defendant’s right to a fair trial. 

“It is extremely important that there should be no reporting, commentary or sharing of information online which could in any way prejudice these proceedings,” he said.

The alleged theft dates back to 2017, when Bitcoin (BTC) was valued at around £1,200 per coin, making the 50 BTC in question worth approximately £60,000 at the time. However, Bitcoin’s price has surged since then, and 50 BTC would now be worth over £3 million ($4.1 million) based on current market rates.

The NCA, tasked with tackling serious and organized crime in the UK, has not yet issued a statement regarding the case.

This case echoes that of Australian police officer William Wheatley, who faced court proceedings for allegedly stealing 81.616 Bitcoin seized during a 2019 drug-trafficking investigation. 

Prosecutors accused him of theft, managing proceeds from crime, and misusing confidential information. His defense argued that the case relied on circumstantial evidence. The charges stemmed from Operation Viridian, which targeted criminal networks using cryptocurrency for illicit transactions.

Chowles, who is from Bristol, is accused of offenses under the Proceeds of Crime Act 2002 and the Theft Act 1968. If convicted, he could face significant legal penalties.