The UK Insolvency Service has appointed Andrew Small as its first dedicated cryptocurrency intelligence specialist to improve the recovery of digital assets in bankruptcy and criminal cases.
Small, a former police investigator specializing in economic crime, will lead efforts to locate and recover cryptocurrency assets that remain unaccounted for in insolvency proceedings.
His appointment comes after a 420% increase in cryptocurrency-related insolvency cases over the past five years, with a 364-fold growth in crypto assets identified in such cases, reaching £523,580 ($709,500).
The Insolvency Service is responsible for recovering funds owed to creditors, and Small's role will include providing expertise on cryptocurrency types, trading platforms, and storage methods to improve asset recovery rates.