- AFP has seized a massive $9.5 million from Ghost app mastermind.
- An analytics special cracked the “seed phrase” of the mastermind’s wallet.
- AFP acting Commander said that the agency will always be one step ahead of criminals.
The Australian Federal Police (AFP) seized $9.5 million in digital assets from the alleged mastermind behind an organized crime application called Ghost. The AFP-led Criminal Assets Confiscation Taskforce (CACT) arrested the 32-year-old suspect in Narwee, Australia, on September 17th.
According to a press release from AFP, the alleged mastermind was arrested and charged with supporting a criminal organization. An analytics specialist within the AFP-led CACT cracked the suspect’s “seed phrase” after analyzing devices found in the Narwee resident’s home. This allowed authorities to seize the $9.5 million in cryptocurrency.
The seized cryptocurrency was transferred to a secure AFP account under the Commonwealth Proceeds of Crime Act 2002. The arrest and seizure are part of Operation Kraken.
AFP acting Commander Scott Raven warned organized crime syndicates using cryptocurrencies to hide their income from such activities. He said that such syndicates would always find that the AFP is one step ahead. Scott said:
“Whether you have tried to hide them in real estate, cryptocurrency or cash, we will identify your ill-gotten goods and take them away from you, leaving you with nothing.”
Operation Kraken’s Successes
Operation Kraken has been highly successful since its launch. Authorities have:
- Arrested 46 individuals
- Executed 93 search warrants
- Intervened in 50 life-threatening situations
- Prevented 200 kg of drugs from reaching Australians
- Seized 30 illicit firearms, $2.37 million in cash, and $11.09 million in assets
Read also: Australia Strengthens Crypto Oversight with New Licensing Rules
About the Criminal Assets Confiscation Taskforce (CACT)
The CACT combines resources from the AFP, Australian Taxation Office, Australian Criminal Intelligence Commission, AUSTRAC, and Australian Border Force. It was formed in 2012 to crack down on criminal assets.
Seized funds are held in a Confiscated Assets Account managed by the Australian Financial Security Authority.
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Source: https://coinedition.com/australian-police-crack-seed-phrase-seize-9-5m-in-crypto/