Australian Federal Police Seizes $6.4 Million in Cryptocurrency in Operation Kraken
The Australian Federal Police (AFP) announced the seizure of $6.4 million in cryptocurrency linked to an alleged mastermind behind encrypted messaging platform Ghost.
This operation, dubbed "Operation Kraken," has been part of a broader initiative targeting organized crime.
Ghost, which facilitated illegal activities such as drug trafficking and money laundering through advanced encryption and message self-destruction features, was dismantled last month after a two-year investigation involving Europol and various global law enforcement agencies.
The suspect, a 32-year-old man from Narwee, New South Wales, was arrested on September 17 and faces five charges, including supporting a criminal organization.
The seizure was made possible when the AFP's Criminal Assets Confiscation Taskforce analyzed hardware wallet devices found at the suspect's residence, said AFP on Wednesday.
By deciphering the seed phrases stored on these devices, investigators were able to gain access to the cryptocurrency assets. This marks the second significant cryptocurrency seizure under Operation Kraken, following an earlier restraint of assets amounting to $2 million AUD ($1.4 million) connected to a Western Australia crime syndicate in August.
Operation Kraken has resulted in 46 arrests, 93 search warrants, and intervention in 50 threats to life or harm since its inception in 2022.
The Criminal Assets Confiscation Taskforce, which includes multiple Australian agencies, aims to forfeit seized assets to the Commonwealth, with proceeds directed toward national crime prevention programs.
AFP acting Commander Scott Raven emphasized the technical capabilities of the task force in targeting organized crime, stating that they will pursue hidden assets across various forms, including cryptocurrency, real estate, and cash.
The continued efforts under Operation Kraken reflect the AFP's commitment to disrupting criminal networks and recovering illicitly obtained assets.
