Insolvency Service appoints cryptocurrency specialist

The Insolvency Service has appointed its first dedicated crypto intelligence specialist.

In the past five years, the number of insolvency cases involving crypto as a recoverable asset has risen by 420%, with 59 cases in 2024/25 compared to 14 in 2019/20.  

At the same time, the estimated value of cryptoassets identified in insolvency cases has risen by 364 times - from just over £1,400 in 2019/20 to more than £520,000 in 2024/25.  

Cryptoassets have soared in popularity in recent years, with 2024 research by the Financial Conduct Authority finding seven million adults in the UK - 12% of the population - held some form of crypto, up from 3.2m adults (4.4% of the population) in 2021. 

This includes ‘cryptocurrency’ coins such as Bitcoin, Litecoin, DOGE and Ethereum, as well as online tokens and NFTs – non-fungible tokens – which offer digital ownership of online artworks.  

The Official Receiver Service identified £523,580 of cryptoassets across 59 insolvency cases in 2024/25, compared to just £1,436 of crypto across 14 cases in 2019/20.