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Number of insolvencies where crypto is identified as an asset has increased 420% in five years
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More than £500,000 in cryptoassets identified in insolvency cases last year – 364 times higher than in 2019/20
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New role will help the agency recover more money owed to creditors in insolvency cases
The Insolvency Service has appointed its first dedicated crypto intelligence specialist to help recover more money for the UK economy from bankruptcy cases.
Former police investigator Andrew Small will help track digital assets in criminal cases and provide the agency with detailed knowledge of the crypto market.
The Insolvency Service is responsible for tracing and recovering money and assets belonging to bankrupt individuals or liquidated companies in insolvency proceedings.
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.
Andrew said:
There has been a rapid rise in crypto ownership in the UK, and alongside that, we’ve seen a similar rise in cryptoasset ownership in bankruptcy cases.
The Insolvency Service has a duty to trace and recover money and assets from individuals or companies in insolvency cases, and we work to return as much money owed to creditors as possible.
Crypto is very much a recoverable asset, and my role will help the agency by providing specialist knowledge about the types of cryptoassets available and the associated technology used to buy, sell and store them.
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, a key part of the Insolvency 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.
The new cryptoasset intelligence role is based within the Insolvency Service’s Investigation and Enforcement Services team, meaning Andrew will primarily focus on cryptoasset ownership in criminal cases.
Neil Freebury, head of intelligence at the Insolvency Service, said:
Crypto is growing in popularity, and we’ve seen the number of insolvency cases involving cryptoasset ownership rise four-fold in the past five years.
Andrew brings a wealth of knowledge to this role, along with his previous experience as an economic crime investigator within the police, and his appointment will help our investigators dealing with cases where cryptoasset ownership is a factor.
Further information
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The latest Insolvency Service statistics are published on GOV.UK: Insolvency Service Official Statistics – GOV.UK
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Official Receivers are appointed by the court following bankruptcy or liquidation proceedings. They have a legal duty to trace and recover assets involved in such cases to return as much money as possible to creditors.
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The latest FCA research on cryptoassets in the UK can be found on the FCA website.
