A special law enforcement operation by the Australian Federal Police (AFP) has allowed authorities to access crypto assets linked to the alleged mastermind and operator of an organized crime app.
Last month, the AFP arrested and charged Jay Je Yoon Jung for allegedly creating Ghost, an encrypted communications platform that authorities say is used for criminal activities such as trafficking illegal drugs, money laundering and ordering or killing.
The 32-year-old was arrested following an investigation by the AFP’s Operation Kraken.
In a new statement, the AFP says the Criminal Assets Confiscation Taskforce (CACT) has successfully seized $6.4 million in cryptocurrency following an analysis of the devices recovered during Jung’s arrest.
According to the AFP, an analytics specialist managed to decipher Jung’s seed phrase, allowing investigators to access the money and transfer it to an AFP wallet.
Says AFP Acting Commander Scott Raven
“The reduction of these resources demonstrates the technical capabilities and powers that the AFP, and our partners through the CACT, can deploy against organized crime. Whether you tried to hide them in real estate, cryptocurrency or cash, we will identify your ill-gotten goods and take them from you, leaving you with nothing.”
The AFP says the investigation is still ongoing and the CACT will seek to have the seized assets forfeited to the Commonwealth.
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