A UK court has ordered Paul Chowles, a former officer with the National Crime Agency (NCA), to pay £1,810,678.93, approximately $2.4 million, after he was found guilty of stealing Bitcoin seized during an investigation into the Silk Road 2.0 dark web marketplace.
Confiscation order tied to surging Bitcoin value
The Crown Prosecution Service (CPS) secured the confiscation order against Chowles on Wednesday under the Proceeds of Crime Act 2002. Authorities recovered 30 of the original 50 Bitcoin, but the order covers the total value of the stolen cryptocurrency, reflecting the significant increase in Bitcoin’s price since 2017. When Chowles committed the theft, the coins were valued at approximately £60,000, or $77,000.
Chowles, 44, from Bristol, was responsible for analyzing and extracting cryptocurrency from digital devices during the Silk Road 2.0 investigation. The dark web marketplace, launched by Thomas White shortly after the FBI closed the original Silk Road in 2013, became a major focus of law enforcement.
The stolen Bitcoin originated from an address linked to Thomas White’s own reserve. Chowles moved the total of 50 Bitcoin from a confiscated wallet over two days in May 2017, splitting the amount and attempting to disguise its path.
Mini dictionary: Silk Road 2.0 was a successor to the original Silk Road darknet market, allowing users to buy illicit goods using cryptocurrencies. Launched by Thomas White in 2013, it operated until law enforcement action led to its shutdown and asset seizures.
To mask the trail, Chowles routed the funds through Bitcoin Fog, a mixing service designed to obscure cryptocurrency transactions, and then withdrew funds to debit cards issued by Cryptopay and Wirex. Over 279 separate transactions, he cashed out a total of £144,580.
| Year | BTC Stolen | BTC Value at Theft | Recovered BTC | Repayment Ordered |
|---|---|---|---|---|
| 2017 | 50 | £60,000 / $77,000 | 30 | £1,810,678.93 / $2.4 million |
Investigation and legal process
The coins remained unaccounted for several years, with suspicion initially falling on White. He denied involvement, and by late 2021, the missing cryptocurrency was considered untraceable. However, a police search of Chowles’ home in 2022 recovered devices containing the wallet’s private keys. Merseyside Police, with assistance from blockchain analysis firm Chainalysis, traced the coins’ flow through the mixing service.
Chowles pleaded guilty at Liverpool Crown Court to theft, transferring criminal property, and concealing criminal property. He received a sentence of five years and six months in July 2025 and was dismissed by the NCA shortly after.
An additional compensation order was granted for the victim. The CPS noted that, over the past five years, more than £530 million has been recovered through confiscation orders, with upwards of £102 million returned to victims.
Exploiting trust and agency response
Chowles, who worked as an operational officer at the NCA, was charged with 15 criminal offences linked to the 2017 theft. The case was investigated by Merseyside Police, with Chowles accused of exploiting his trusted position during an online crime operation.
Paul Chowles exploited a position of trust for personal gain, stealing assets already recovered through law enforcement action. The CPS Proceeds of Crime Division has pledged to pursue offenders’ assets relentlessly.
The agency reiterated its commitment to recovering proceeds of crime and holding offenders accountable. Chowles’ conviction highlights increased scrutiny within agencies dealing with digital assets and ongoing efforts to recoup stolen funds.
