Australian authorities have successfully confiscated a suspect's crypto stash worth 9.3 million AUD (over $6.4 million) as part of Operation Kraken.
The investigation revolves around Jay Je Yoon Jung, who allegedly created "Ghost," an encrypted messaging app reportedly used by criminals for illegal activities like drug trafficking and contract killings.
According to a press release, the Australian Federal Police (AFP) found digital devices at Jung's home, and with the help of the Criminal Assets Confiscation Taskforce (CACT), they were able to crack the seed phrase, gaining access to his crypto wallet.
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The AFP moved the seized funds to their crypto storage and will transfer them to the government to support future law enforcement operations.
AFP acting Commander Scott Raven warned:
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.
Jung was arrested on September 17 and now faces charges that could lead to 26 years in prison. Authorities believe that he developed the Ghost app specifically for criminal use and sold customized smartphones for 2,350 AUD (approximately $1,620), which included a six-month subscription to the app along with technical support.
Further revealing their progress, the AFP disclosed that they had managed to infiltrate the Ghost app, gaining insight into conversations happening on the platform. Through Operation Kraken, they continue to take apart the criminal networks using Ghost to conduct illegal business.
This operation shows the growing ability of law enforcement to track and recover illegal assets, no matter how complex the digital trail.
In other news, the UK's Financial Conduct Authority (FCA) recently charged an individual running an illegal crypto ATM business.
