Since a significant number of crypto-related failures are happening, the UK Insolvency Service has assigned a specialist to work solely on those cases. Andrew Small, formerly a police economic crime investigator, will now oversee this task, using his experience in the crypto area to help recover losses.
As per the reports the number of insolvency cases incorporating cryptocurrency as a recoverable asset has increased by 420% in the last five years, from 14 in 2019–20 to 59 in 2024–2025. Even more striking, the value of crypto recovered jumped from just £1,436 in 2019/20 to over £520,000 in the latest reporting year.
Speaking about his new role, Small explained:
“There’s been significant growth in crypto ownership across the UK, and this trend is mirrored in insolvency cases. My goal is to help the agency better understand the technology behind cryptoassets and how they can be tracked and recovered.”
His work will be centered within the Investigation and Enforcement Services division, focusing primarily on cases involving criminal activity where cryptoassets are part of the insolvency estate. The work of his team is intended to strengthen the agency’s aim to provide optimal value for creditors by finding all the assets that creditors are owed, digital or not.
Data from the Financial Conduct Authority indicate that the number of UK adults owning cryptocurrencies rose from 4.4% in 2021 to 12% in 2024, which is about 7 million people. These assets range from cryptocurrencies like Ethereum, Litecoin, and Dogecoin to NFTs and digital tokens.
Neil Freebury, Head of Intelligence at the Insolvency Service, noted:
“As crypto becomes more mainstream, it’s crucial our teams have the expertise to manage it effectively. Andrew’s appointment brings valuable experience and enhances our ability to deal with the complexities of cryptoasset ownership in insolvency cases.”
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