‘Operation Kraken’ in Australia Seizes Over $6,400,000 in Crypto From Global Organized Crime, Say Authorities

A particular legislation enforcement operation by the Australian Federal Police (AFP) has allowed authorities to entry crypto property linked to the alleged mastermind and operator of an organized crime app.

Final month, the AFP arrested and charged Jay Je Yoon Jung for allegedly creating Ghost, an encrypted communications platform that authorities say is used for legal actions comparable to trafficking unlawful medicine, cash laundering and ordering or killing.

The 32-year-old was arrested following an investigation by the AFP’s Operation Kraken.

In a brand new assertion, the AFP says the Prison Belongings Confiscation Taskforce (CACT) has efficiently seized $6.4 million in cryptocurrency following an evaluation of the gadgets recovered throughout Jung’s arrest.

In keeping with the AFP, an analytics specialist managed to decipher Jung’s seed phrase, permitting investigators to entry the cash and switch it to an AFP pockets.

Says AFP Performing Commander Scott Raven

“The discount of those sources demonstrates the technical capabilities and powers that the AFP, and our companions via the CACT, can deploy in opposition to organized crime. Whether or not you tried to cover them in actual property, cryptocurrency or money, we’ll establish your ill-gotten items and take them from you, leaving you with nothing.”

The AFP says the investigation remains to be ongoing and the CACT will search to have the seized property forfeited to the Commonwealth.

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