An online criminal has admitted to converting nearly £20,000 of illegal funds into cryptocurrency.

At a hearing at Wycombe Magistrates' Court on May 17, Milan Thevarajah, 22, from Potters Bar, admitted to a charge of concealing, disgusting, converting, transferring or removing criminal property.

The court heard how between June 1, 2020 and June 30, 2020, Thevarajah moved £18,200 of criminal funds through multiple bank accounts and converted it into cryptocurrency.

Cryptocurrency is a form of online or virtual currency that can be used in transactions. Well-known forms of cryptocurrency include Bitcoin and Ethereum.

The decentralised currency has made headlines today (Tuesday) after a market crash saw many major cryptocurrencies lose up to a third of their value.

Thevarajah, of Suffolk Road, is due to be sentenced at Aylesbury Crown Court on June 29.

The defendant has been released on unconditional bail until his next hearing.