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AFP seizes $9.3M in crypto tied to Ghost platform

AFP seizes $9.3M in crypto tied to Ghost platform

GrafaGrafa2024/10/02 22:55
By:Isaac Francis

The Australian Federal Police (AFP) have successfully seized $9.3 million in cryptocurrency after decoding the seed phrase of a suspect tied to the Ghost platform, an encrypted communication service used for criminal activities. 

The seizure is part of Operation Kraken, an ongoing investigation targeting organised crime networks. 

A 32-year-old man from Narwee was arrested on September 17 in connection with the case. 

He faces multiple charges, including supporting a criminal organisation. 

This marks the second major seizure linked to Operation Kraken, a law enforcement initiative led by the AFP’s Criminal Assets Confiscation Taskforce (CACT). 

According to an AFP press release, a CACT expert managed to decrypt the seed phrase, allowing authorities to access the suspect’s cryptocurrency account and confiscate the assets. 

The CACT, founded in 2012, combines expertise from agencies like the Australian Taxation Office and AUSTRAC to track and seize criminal proceeds. 

Since 2019, the task force has restrained over $1.1 billion in criminal assets. 

Operation Kraken’s wider achievements include 46 arrests, 93 search warrants, and the prevention of 50 life-threatening incidents. 

The operation has also led to the seizure of 200 kilograms of illicit drugs and $2.37 million in cash. 

AFP acting Commander Scott Raven commented on the operation's success, stating, "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."

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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