đš URGENT: Seed Phrases NOT SAFE? Australian Feds Crack Seed Phrase, Seize $6.4M in Crypto
The Australian Federal Police (AFP) has successfully accessed a $6.4 million crypto wallet after deciphering the seed phrase of a suspect accused of developing an encrypted messaging app used by organized crime. The suspect, Jay Je Yoon Jung, allegedly created the "Ghost" app, which authorities claim was used for drug trafficking, money laundering, and even contract killings.
As part of Operation Kraken, the Criminal Assets Confiscation Taskforce (CACT) found and analyzed digital devices at Jungâs home, leading to the discovery of the seed phrase.
The AFP then transferred the cryptocurrency into secure AFP storage, with plans to use the seized assets to fund law enforcement initiatives.
This latest seizure is the second in the ongoing investigation, following the confiscation of $1.4 million in crypto and properties in August. The AFP emphasized its determination to confiscate illicit assets, whether hidden in cryptocurrency, real estate, or cash.
Jung was arrested on Sept. 17 and faces charges for supporting a criminal organization, among others, which could result in a 26-year prison sentence. According to the AFP, Ghost was designed specifically for criminals, and resellers sold modified smartphones with six months of access to the app for $1,600.
The AFP has not disclosed details on how they cracked the seed phrase or what devices were involved, as the case is still in court. Jungâs arrest and the seizure of his crypto assets mark significant progress in Australiaâs fight against organized crime using digital tools.
The missing piece: Unfortunately we have no info if the AFP really cracked the seed phrase or if they simply found it stored on one of the devices in blank sight.
Stay cautious, stay safe & follow!
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