Australian Federal Police Seize $6.4 Million in Cryptocurrency Linked to Organized Crime in Operation Kraken

A recent operation by the Australian Federal Police (AFP) has resulted in a significant seizure of over $6.4 million in cryptocurrency. This money is linked to a suspect involved in organized crime.

Last month, authorities arrested Jay Je Yoon Jung. He’s accused of creating an app called Ghost. This encrypted platform is allegedly used for serious criminal activities, including drug trafficking, money laundering, and even ordering hits.

The AFP's initiative is known as Operation Kraken. It aims to tackle organized crime effectively.

In a recent statement, the AFP shared that the Criminal Assets Confiscation Taskforce (CACT) played a crucial role in this operation. They were able to seize the cryptocurrency after analyzing devices found during Jung's arrest.

What's impressive is that an analytics expert managed to decode Jung’s seed phrase. This breakthrough allowed investigators to access the funds and transfer them into a secure AFP wallet.

Acting Commander Scott Raven of the AFP commented, “The seizure of these assets highlights the technical skills and authority that the AFP and our partners in the CACT can apply against organized crime. No matter how you try to hide your assets—whether in real estate, cryptocurrency, or cash—we will find your illegal gains and take them away.”

The AFP also mentioned that investigations are ongoing. The CACT plans to pursue the forfeiture of these assets for the Commonwealth.