AFP Decodes Seed Phrase, Seizes $9.3M in Crypto from Ghost Mastermind

The Australian Federal Police-led Criminal Assets Confiscation Taskforce (CACT) has successfully seized $9.3 million in cryptocurrency as part of a broader criminal investigation targeting the mastermind behind Ghost.

For the uninitiated, Ghost is an encrypted communication platform used for criminal activities.

According to the official AFP press release, a 32-year-old man from Narwee was arrested on September 17 in connection with the law enforcement agency’s Operation Kraken and charged with multiple offenses, including supporting a criminal organization.

A CACT analytics expert managed to reportedly decode the suspect’s cryptocurrency account by deciphering its seed phrase, which ultimately enabled the AFP to seize the assets. This marks the second seizure tied to Operation Kraken.

AFP further revealed that Operation Kraken’s achievements include 46 arrests, 93 search warrants, the prevention of 50 life-threatening incidents, and the confiscation of 200kg of illicit drugs and $2.37 million in cash.

The CACT, established in 2012, unites expertise from the AFP, Australian Taxation Office, AUSTRAC, and other agencies to trace and confiscate criminal assets. Since 2019, the task force has restrained over $1.1 billion in criminal proceeds.

In a statement, AFP acting Commander Scott Raven said,

“The restraint of these assets shows the technical capabilities and powers that the AFP, and our partners through the CACT, are able to bring to bear on organized crime. Whether you have tried to hide them in real estate, cryptocurrency or cash, we will identify your ill-gotten goods and take them away from you, leaving you with nothing.”