The Australian Federal Police (AFP) has made a significant breakthrough in their fight against organized crime by recovering $6.4 million (9.3 million Australian dollars) in cryptocurrency. This significant recovery is part of Operation Kraken. This operation aims to dismantle criminal networks that utilize encrypted communication platforms.
On October 2, the AFP announced that they successfully accessed the suspect’s cryptocurrency by “deciphering” a seed phrase found on digital devices collected from Jay Je Yoon Jung’s home. Jung is a 32-year-old man from Narwee. He was arrested on September 17. He is accused of creating an encrypted messaging app called Ghost. Authorities believe that the app is used by organized crime groups.
The operation was facilitated by the Criminal Assets Confiscation Taskforce (CACT), which is affiliated with the AFP. They examined the devices seized from Jung’s house in the operation. They found the seed phrase that opened access to the large sum of cryptocurrency.
AFP Freezes Criminal Assets in Ongoing Crackdown
The seizure was made under the Commonwealth Proceeds of Crime Act 2002 and is the second time assets have been restrained in connection with Operation Kraken. The first example was assets associated with a crime gang in Western Australia that had been frozen in September.
AFP’s Acting Commander Scott Raven said this operation was crucial. He added that organized crime groups that try to hide their profits will always meet the AFP ahead of them. He cleared, “Whether you attempt to bury it in real estate, cryptocurrency, or cash, we will find it, freeze it, and take it away from you.”
The information available for Operation Kraken up to now is quite impressive. 46 arrests have been made, 93 search warrants were served, and 50 threats to life or harm were addressed. Furthermore, the operation has prevented more than 200 kilograms of drugs from entering society. They also arrested 30 unauthorized firearms and froze $2,370,000 of cash and $11,090,000 of other properties.
Since its inception in July 2019, the CACT has frozen more than $1.1 billion of the proceeds of crime, significantly reducing organized crime in Australia. Crime proceeds are deposited into the Australian Financial Security Authority. Later, these takings can be utilized for public interest, including crime prevention and law enforcement.
