The United Kingdom prosecutors proceeded to seize the cryptocurrency and assets of the defendant, Craig Costello, that were used in a drug trafficking scheme worth up to £1.6m that included the smuggling of cocaine into the country.

UK prosecutors have initiated actions to freeze the holdings and the residual wealth of cryptocurrencies held by Craig Costello. Costello was the final among four Teesside associates who had been convicted on the grounds of a global drug trafficking network.

According to the Gazette Live, financial investigators were able to trace the Ethereum Classic value of £4,012.21 to the accounts of Costello. Prosecutors allege that these online properties were acquired through drug sales. Bank records indicate regular deposits to his bank account that fit drug-trafficking patterns.

Fortune Built on an International Drug Empire

Between 2015 and 2016, Costello collaborated with John Watson, Steven Beazley, and Dave Wright. The organisation was run by Stockton drugs baron Jon Moorby and Merseyside gangster Lance Kennedy, who aided Spanish and Belgian imports of cocaine into the UK.

Kennedy operated a rough-£17million cocaine business. He commissioned helicopters to deliver Class A drugs on various routes. Shipments then travelled to the North East and Merseyside through couriers, who transported their goods out of Kent.

In 2021, conspiracy charges were filed as a result of Cleveland police surveillance. Before the verdict of the jury, Costello escaped to the Middle East. He was caught driving in Amsterdam by Dutch officials. In 2022, he was back in the UK with a nine-year sentence.

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Legal Battle Over Seized Assets Continues

Prosecutors allege that Costello had made illegal profits amounting to 1.6 million. The government has already auctioned off his five-bedroom house, quad bikes, and expensive cars. Costello and his ex-partner, Victoria, are still in dispute over the proceeds of the house sale.

Victoria Costello at Durham Crown Court claimed that she provided the initial deposit with cash. Prosecutor Steve McNally indicated that the divorce was pending until a financial settlement was reached. Documentation indicates home equity of £107,722 when mortgages are cleared.

Officials found more than £137,577 in cash and other assets that could be confiscated. The confiscation order is likely to be completed by a judge this year. Three of Costello’s co-conspirators had already paid their proceeds-of-crime claims, paying less than 300,000 out of a pool of more than 4 million proceeds.

 

The post UK Authorities Target Craig Costello’s Crypto Fortune appeared first on Live Bitcoin News.

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Filed under: Bitcoin - @ January 4, 2026 11:59 pm