- The UK Insolvency Service has appointed its first-ever dedicated crypto intelligence specialist
- The service has identified digital assets in 59 insolvency cases in 2024/25, a fourfold increase from five years ago
- It has recovered over £500,000 in cryptocurrencies in the past year, marking a 364‑times rise since 2019/20
The UK’s Insolvency Service has appointed Andrew Small as its first dedicated crypto intelligence specialist, enhancing the agency’s capability to trace and recover digital assets. Over the past five years, the number of insolvency cases involving cryptocurrencies has surged fourfold, while the total value of cryptocurrencies identified has jumped from just over £1,400 to more than £520,000 in 2024/25. With this new role embedded within its investigative and enforcement team, the agency is better positioned to assist both bankruptcy and criminal asset recovery efforts.
Enhanced Crypto Recovery Capabilities
Andrew Small is a former police economic crime investigator whose new role is to bolster crypto-tracing operations within the Investigations and Enforcement Services team. His expertise will support efforts to recover digital assets held by bankrupt individuals or companies and assist in tracking cryptoassets in criminal cases.
The new role comes after data from the past five years showed a dramatic rise in crypto-linked insolvency cases, climbing from 14 in 2019/20 to 59 in 2024/25, representing a 420% increase. In parallel, the total value of cryptoassets identified has skyrocketed from approximately £1,436 to £523,580, a staggering 364‑fold increase. This trend highlights how prevalent digital assets have become in insolvency proceedings and the need for a specialist to oversee them.
Sign of the Times
The FCA has noted that around 12% of UK adults now hold some form of cryptoassets, including widespread tokens such as Bitcoin and Ethereum. Small commented on this appointment in a press release:
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.
Historically, cryptocurrencies have proved difficult to trace and reclaim, especially during bankruptcy or investigations. With Small’s appointment, the agency is better equipped to identify digital wallets, trace on-chain activity, and recover funds, ultimately improving returns to creditors. By positioning a specialist within its investigative unit, the Insolvency Service has significantly strengthened its ability to pursue crypto holdings in insolvency and crime cases, enhancing returns for creditors and reinforcing the accountability of digital asset owners.
