The Australian Federal Police (AFP) recently announced a major breakthrough in their fight against organized crime, seizing $6.4 million worth of cryptocurrency. This action is part of “Operation Kraken,” a long-term initiative aimed at targeting criminal networks using advanced encryption to hide illegal activities.
What Happened?
A 32-year-old man from Narwee, New South Wales, was arrested on September 17 for his involvement in an encrypted messaging platform called Ghost. Ghost was a communication tool that allowed users to engage in illegal activities such as drug trafficking and money laundering. It featured advanced encryption and message self-destruction, making it difficult for law enforcement to track.
However, after a two-year investigation in collaboration with Europol and various global law enforcement agencies, Ghost was dismantled in August. The suspect is now facing five charges, including supporting a criminal organization.
How the Seizure Happened
The AFP’s Criminal Assets Confiscation Taskforce was able to seize the cryptocurrency after analyzing hardware wallet devices found at the suspect’s home. By cracking the seed phrases stored on the devices, investigators gained access to the crypto assets. This is the second major seizure under Operation Kraken, following an earlier case in August where $2 million AUD was confiscated from a crime syndicate in Western Australia.
Broader Impact of Operation Kraken
Since its inception in 2022, Operation Kraken has made significant progress in disrupting criminal networks. It has led to:
- 46 arrests
- 93 search warrants
- Interventions in 50 threats to life or harm
In addition to recovering cryptocurrency, the task force also aims to confiscate assets such as real estate and cash. The seized assets are forfeited to the Commonwealth, with proceeds being used for national crime prevention programs.
AFP’s Ongoing Commitment
AFP Acting Commander Scott Raven emphasized the task force’s technical expertise and commitment to disrupting organized crime. “We will continue to target hidden assets in various forms, whether it’s cryptocurrency, real estate, or cash,” Raven said.
Operation Kraken’s success demonstrates the AFP’s dedication to dismantling criminal networks and recovering illicitly obtained assets.
