In a significant crackdown on organized crime, the Australian Federal Police (AFP) announced on Tuesday that it has seized $6.4 million in cryptocurrency linked to Jay Je Yoon Jung, a 32-year-old resident of New South Wales. Jung is accused of being the mastermind behind "Ghost," an encrypted communication app reportedly utilized by criminal syndicates to facilitate illicit activities.
The arrest of Jung occurred on September 17 during a large-scale operation known as "Operation Kraken." This operation aims to dismantle organized crime networks operating within Australia and has already led to 46 arrests, the execution of 93 search warrants, and the seizure of 30 illegal firearms.
The impressive seizure of cryptocurrency was made possible when AFP analysts successfully cracked the seed phrase for digital wallets found on Jung's devices during a raid at his residence. The police reported that this breakthrough allowed them to securely transfer the seized funds into their custody. The assets were restrained under the Commonwealth Proceeds of Crime Act 2002, which is designed to disrupt criminal organizations by confiscating their illicit wealth.
This operation marks the second significant crypto-related asset freeze under the auspices of Operation Kraken, following an earlier asset restraint linked to a different syndicate in Western Australia. Notably, the operation’s name is unrelated to any popular cryptocurrency exchange.
In addition to the cryptocurrency seizure, Operation Kraken has made considerable strides in the fight against organized crime. Authorities have thwarted the distribution of over 200 kilograms of illicit drugs from entering the Australian market and confiscated more than $1.6 million in cash.
The Criminal Assets Confiscation Taskforce, which leads Operation Kraken, combines resources from various Australian agencies, including the Australian Taxation Office, AUSTRAC, and the Australian Border Force. Since its establishment in 2012, the task force has restrained over $759 million in criminal assets, underscoring its effectiveness in curbing the financial power of organized crime.
As investigations proceed, the AFP plans to seek the permanent forfeiture of the seized cryptocurrency, aiming to cripple the financial networks of organized crime syndicates both in Australia and internationally. The ongoing efforts highlight the commitment of Australian authorities to combat organized crime and disrupt their financial operations through innovative means in the digital age.
October 2024, Cryptoniteuae