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

A special law enforcement operation by the Australian Federal Police (AFP) has enabled authorities to gain access to crypto assets linked to the alleged mastermind and administrator of an organized crime app.

Last month, the AFP arrested and charged Jay Je Yoon Jung for allegedly creating Ghost, an encrypted communication platform that authorities say is being used for criminal activities such as trafficking of illegal drugs, money laundering and ordering or killings.

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

In a new statement, the AFP says that the Criminal Assets Confiscation Taskforce (CACT) successfully seized $6.4 million in cryptocurrency following an analysis of the devices that were recovered during Jung’s arrest.

According to the AFP,  an analytics specialist managed to decipher Jung’s seed phrase, which allowed the investigators to access the funds and transfer these into an AFP wallet.

Says AFP acting Commander Scott Raven,

“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.”

The AFP says investigations are still ongoing and the CACT will seek to have the restrained assets forfeited to the Commonwealth.

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