A former National Crime Agency officer has been ordered to repay over £1.8m after stealing Bitcoin that had been seized as part of an investigation.
Paul Chowles, 44, stole and hid 50 Bitcoin that was seized during an investigation into a dark website, Silk Road 2.0, used by organised criminal networks for selling illegal goods.
Thirty Bitcoin was recovered from Mr Chowles who was jailed for five years and six months at Liverpool Crown Court in 2025 after pleading guilty to theft and money laundering.
Due to the significant increase in the value of the cryptocurrency since the time of the theft, the Crown Prosecution Service (CPS) secured a confiscation order against the former officer for £1,810,678.93, including the total value of the 30 Bitcoin already recovered.
Luke Clements, of the CPS Proceeds of Crime Division, said: “Paul Chowles exploited a position of trust for personal gain, stealing assets that had already been recovered through law enforcement action.
“Confiscation Orders are a powerful tool in ensuring that crime does not pay. Today's Order sends a clear message that we will pursue offenders' assets relentlessly and seek to recover criminal proceeds wherever they are hidden.”
Mr Chowles, of Bristol, was dismissed from the National Crime Agency in July 2025.
A Compensation Order was also made for the victim. The funds under the Compensation Order will be paid towards their own outstanding Confiscation Order.
Over the past five years the CPS Proceeds of Crime Division has recovered over £530m via Confiscation Orders, with over £102m returned to victims of crime by way of compensation.
Cryptocurrency has become a popular way for criminals to hide the proceeds of their crime.
In June a financial adviser who defrauded people he knew, his clients, and a charity out of nearly £2m was sentenced to 11 years in prison at Worcester Crown Court. Timothy ‘Paul’ Barnes, 68, of Droitwich had been investing the money he had stolen into his crypto wallet.
Crypto assets will become regulated by the FCA from October 2027 under the new regulatory regime for crypto. Under the new rules, crypto exchanges, dealers and agents will be brought into the regulatory perimeter.
Crypto firms with UK customers will also have to meet similar standards on transparency, consumer protection and operational resilience to other firms regulated by the FCA.
The Government began the process for legislation, bringing crypto assets within the regulatory perimeter, in April 2025.
Research from the FCA in 2025 found that 12% of UK adults owned crypto, up from 10% in previous findings.