The prosecution is also investigating the #Bithumb leaders and employees for listing virtual currencies in exchange for payment.

Similar to the South Korean encryption exchange Coinone, it was revealed on March 17 that employees of the South Korean encryption exchange Bithumb are also under investigation by law enforcement for allegedly taking payment to list cryptocurrencies. The office of Bithumb Holdings and the suspect Lee were taken and searched by the Financial Investigation Division 2 of the Seoul Southern District Prosecutors Office.

While the prosecution is undertaking an investigation, it is impossible to say, the platform official said. But I'm not sure what it's about because the prosecutor's office's seizure and search did not target Bithumb assets, but rather humans.

Mr. Lee, a worker for Bithumb Holdings, the company that owns this virtual asset exchange, is being investigated by the prosecution for listing a certain virtual currency on the exchange for cash. Her aunt's home and the office of Bithumb Holdings are alleged to have been searched and confiscated by the Financial Investigation Division 2 of the Seoul Southern District Prosecutor's Office, led by Chief Prosecutor Chae Hee-man.

A former Coinone employee named Jeon was under investigation in February by the Seoul Southern District Prosecutor's Office for allegedly accepting hundreds of millions of won in exchange for listing many cryptocurrencies that had just been introduced to the market.

Other #virtual asset exchanges were put on high alert when the prosecution began looking into Bithumb and Coinone, the second and third largest companies in the sector, on the basis of allegations of #illegal listing. This is due to the fact that there has been ongoing debate in the virtual asset market regarding "illegal listing," which involves the listing of virtual currencies for money, and that new problems could arise as a result of the investigation by the prosecution.

The Australian Federal Police (AFP) achieved a significant victory in their fight against organized crime by seizing $9.3 million worth of cryptocurrency. The operation uncovered the secret encrypted communication platform Ghost, leading to the arrest of its alleged creator. Using digital forensic analysis, authorities managed to crack the suspect's cryptocurrency accounts. This action is part of an ongoing investigation aimed at dismantling criminal networks and confiscating assets obtained through illegal means.
AFP Seizes $9.3 Million in Cryptocurrency in Operation Kraken
The Australian Federal Police announced that, as part of Operation Kraken targeting organized crime, they seized $9.3 million in cryptocurrency on September 17. The primary focus of the operation was the alleged creator of the encrypted communication platform Ghost, which was used by criminal organizations.
The suspect, a 32-year-old man from Narwee, was arrested and charged with supporting a criminal organization. According to the AFP, the assets were secured after their digital forensics team deciphered the "seed phrase" to the cryptocurrency account following the analysis of digital devices obtained from the suspect's home.
The seized funds were confiscated under the Commonwealth Proceeds of Crime Act.
Successes of Operation Kraken
CACT (Criminal Assets Confiscation Taskforce), established in 2012, works alongside experts from various institutions such as the Australian Taxation Office and AUSTRAC. Since 2019, it has seized criminal assets worth over $1.1 billion. The confiscated funds are held in a forfeited assets account, which supports crime prevention and law enforcement across Australia.
The investigation is still ongoing, and if the seized assets are confirmed as illegally obtained, they may be transferred to Commonwealth ownership.
Criminals Cannot Hide Their Illegal Gains
AFP demonstrated its ability to trace and recover hidden assets. Acting Commander Scott Raven emphasized that criminals will not be able to hide their illegally acquired funds. "Whether you hide them in real estate, cryptocurrency, or cash, we will track them down and take them, leaving you with nothing," he declared.
Results of Operation Kraken
So far, Operation Kraken has led to 46 arrests, 93 search warrants, and the seizure of $2.37 million in cash, along with various weapons.
What are your thoughts on the success of the Australian Federal Police in seizing #illegal cryptocurrency? Share your opinions in the comments.

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