The Australian Federal Police (AFP) has achieved a significant success as part of the large-scale Operation Kraken, aimed at combating organized crime. During the investigation, which uncovered extensive use of the encrypted communication app Ghost, the AFP seized $6.4 million in cryptocurrency. This app was allegedly used by criminal syndicates to conceal their activities and communications.

Arrest of the Main Suspect

The key figure in the operation is 32-year-old Jay Je Yoon Jung from New South Wales, who was arrested on September 17. He faces multiple serious charges, including supporting organized crime. During a raid on his home, police found devices containing digital wallets that held cryptocurrency. Analysts from the AFP successfully decrypted the access data, allowing them to secure $6.4 million in cryptocurrency. These funds were then transferred to secure storage and seized under the Proceeds of Crime Act from 2002, which is designed to disrupt criminal networks by confiscating their illicit profits.

Impact and Successes of Operation Kraken

Since its launch, Operation #Kraken has achieved several significant victories in the fight against organized crime. In addition to the cryptocurrency seizure, it has led to 46 arrests and the issuance of 93 search warrants across Australia. The operation focuses not only on #Cryptocurrencies but also on other illegal activities. During the investigation, over 30 illegal firearms were confiscated, and more than 200 kilograms of illegal drugs were prevented from entering the Australian market. Authorities also seized over $1.6 million in cash, making a substantial impact on criminal networks.

Future Steps and Long-term Goals

The AFP plans to continue its successful crackdown on criminal syndicates. It is expected that authorities will seek permanent forfeiture of the seized cryptocurrency to further cripple the financial networks relied upon by criminals. Operation Kraken is part of a broader effort by Australian authorities to combat organized crime both domestically and internationally. The AFP is also working in cooperation with other government agencies, including the Australian Taxation Office, AUSTRAC, and the Australian Border Force, ensuring a comprehensive approach to tackling the issue.

Since its inception in 2012, the criminal asset confiscation task force has seized assets worth more than $759 million, demonstrating its effectiveness and importance in the fight against organized crime in Australia.

Notice:

,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“