UK Crime Network, Worth Billions, Used Crypto to Funnel Drug Cash to Russia, NCA Says

Finance Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email UK Crime Network, Worth Billions, Used Crypto to Funnel Drug Cash to Russia, NCA Says A billion-pound laundering network spread across the UK used cryptocurrency to move criminal proceeds and help Russian interests evade sanctions, according to the NCA. By Oliver Knight | Edited by Aoyon Ashraf Updated Nov 22, 2025, 3:32 p.m. Published Nov 22, 2025, 3:32 p.m. Crypto used to launder drug money for Russia (CoinDesk archives) What to know : UK investigators say a sprawling criminal network laundered drug and trafficking profits into crypto, with some funds allegedly supporting Russian sanctions evasion and military activities. Operation Destabilise has resulted in 128 arrests and more than £25 million seized, including digital assets traced through blockchain analytics. Chainalysis told Sky News that public blockchains make crypto a “poor vehicle” for laundering, underscoring how transparency tools are helping dismantle cross-border crime networks. A billion-pound money-laundering network operating across 28 towns and cities in the UK has been converting proceeds from drug trafficking, firearms sales and organized crime into cryptocurrency, with some of those funds ultimately helping Russia sidestep sanctions and bankroll its war effort, Sky News reported, citing National Crime Agency (NCA). The operation, uncovered through the NCA’s long-running "Operation Destabilise," has already led to 128 arrests and the seizure of more than £25 million in cash and digital assets. Investigators say the network was so entrenched that it even acquired its own bank to streamline illicit payments linked to Russian interests. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy . Couriers reportedly collected bags of “dirty” cash before it was rapidly moved into crypto markets. The NCA warned that these flows are not just fuelling UK criminal activity but also connecting directly to “geopolitical events causing suffering around the world.” Blockchain transparency Despite the common perception that digital assets offer anonymity, the NCA stressed that blockchain transparency is proving instrumental in mapping these criminal pipelines. Chainalysis' vice president, Madeleine Kennedy, told Sky News that public blockchains provide “a poor vehicle for money laundering,” enabling law enforcement to trace funds tied to drug trafficking, sanctions evasion and cybercrime. One alleged ringleader, Russian national Ekatarina Zhdanova, described by investigators as a key financial conduit for cybercriminals and Russian elites, is currently detained in France awaiting trial. UK security minister Dan Jarvis said the operation exposes how Russia relies on covert financial channels, including crypto-based laundering, to evade sanctions. “It will never be tolerated on our streets,” Jarvis said. crypto crime Russia UK More For You Protocol Research: GoPlus Security By CoinDesk Research Nov 14, 2025 Commissioned by GoPlus What to know : As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M. GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. 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