A former officer at the U.K. National Crime Agency has been ordered to repay about $2.38 million after stealing 50 bitcoin that had been seized during the Silk Road 2.0 investigation. The case centers on Paul Chowles, 44, of Bristol, who used his access to confiscated cryptocurrency while working on the probe.

Chowles was jailed for five and a half years in July 2025 after pleading guilty to theft, transferring criminal property and concealing criminal property. He was also formally dismissed from the agency on July 11, 2025.

Bitcoin taken from law enforcement wallet

The stolen assets came from a broader investigation into Silk Road 2.0, a dark web marketplace described in the case as being used by organized crime to sell illegal goods. During that investigation, Chowles had been assigned to analyze and extract cryptocurrency from seized digital devices.

Authorities said he later abused that role by moving 50 bitcoin out of a confiscated law enforcement wallet. When the transfer took place in 2017, the cryptocurrency was worth about $79,250.

Investigators traced part of the funds

According to the Crown Prosecution Service, Chowles then tried to hide the theft by sending the bitcoin through a complex chain of cryptocurrency transactions intended to obscure its path.

Financial investigators from Merseyside Police and the North West Regional Asset Recovery Team were able to trace the assets. Their work led to the recovery of 30 of the 50 stolen bitcoin.

Confiscation amount rose with bitcoin's price

Although the original theft involved cryptocurrency worth far less at the time it was taken, the amount Chowles has been ordered to repay grew sharply as bitcoin increased in value over the years.

Prosecutors said that rise in the price of bitcoin, together with the rest of his criminal benefit, brought the final confiscation figure to nearly $2.4 million. The repayment order is reported at approximately $2.38 million.

Recovered funds to be applied to the order

A compensation order has also been granted in the case. Under that order, the recovered funds are to be used to satisfy the victim’s outstanding confiscation order.

The confirmed next step, based on the ruling, is that the bitcoin already recovered by investigators will be applied toward the amount Chowles has been ordered to repay.

Source: news.bitcoin.com