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The Australian Federal Police (AFP) has seized $6.4 million (AUD 9.3 million) in crypto following an investigation into the alleged mastermind behind Ghost, a dedicated crypto communication platform. A 32-year-old man was arrested on September 17 and charged with five offenses, including supporting a criminal organization. This was part of AFP’s Operation Kraken. The arrest came after an analytics specialist within the AFP-led CACT deciphered the account’s ‘seed phrase’ when analyzing digital devices that were recovered from the man’s home. This meant the police were able to access cryptocurrency that was then transferred into secure storage and restrained under the Commonwealth Proceeds of Crime Act 2002. The AFP-led Criminal Assets Confiscation Taskforce (CACT) has successfully restrained $9.3 million in cryptocurrency as part of an investigation into the alleged mastermind behind Ghost, the dedicated encrypted communication platform.https://t.co/GwYKhHqH9m — AFP (@AusFedPolice) October 1, 2024 So far, the results from Operation Kraken include: 46 arrests; 93 search warrants conducted; Intervening in 50 threats to life/threats to harm; Preventing more than 200kg of illicit drugs from harming the Australian community; Seizing 30 illicit firearms/weapons; $2.37m in cash seized; and $11.09m in assets restrained. Australian police ‘one step ahead’ in crypto operation The Federal Police said they were one step ahead of organized crime groups who try to hide profits of illicit activities, with the AFP Acting Commander Scott Raven saying: “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 organised crime,” acting Commander Raven said. “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.” Investigations remain ongoing, with cryptocurrency experts helping with the operation alongside police, financial investigators, forensic accountants, lawyers, and other partner agency specialists. The seized cryptocurrency has been placed into a Confiscated Assets Account which is a special purpose account managed by the Australian Financial Security Authority on behalf of the Commonwealth. The funds will then be distributed by the Attorney-General as Minister responsible to benefit the community through crime prevention, intervention, or diversion programs or other law enforcement initiatives across Australia. Featured Image: AI-generated via Ideogram The post Australia’s ‘Operation Kraken’ sees $6.4 million of crypto seized appeared first on ReadWrite.