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$9.3 million in cryptocurrency disappeared from the hands of attackers in a matter of seconds.
As part of Operation Kraken, the Australian Federal Police (AFP) has arrested $9.3 million in cryptocurrency linked to the alleged head of an international criminal organization. The operation was carried out by the Criminal Asset Forfeiture Service (CACT), led by AFP.
On September 17, a 32-year-old man from Narvi was detained on suspicion of creating and operating an encrypted communication platform called Ghost. He was charged under five articles, including assisting a criminal organization.
The confiscation of crypto assets was made possible by a CACT analyst who was able to decipher a "seed phrase" — key information for accessing a crypto wallet, which allowed AFP to transfer the attackers' funds to the agency's secure vault. Notably, this is the second major seizure under Operation Kraken. Previously, assets associated with a crime syndicate in Western Australia were seized.
According to AFP's interim commander, Scott Raven, criminal groups trying to hide the proceeds of illegal activities face the high-tech capabilities and powers of AFP and CACT. Raven stressed that the agency is able to detect and seize any assets - real estate, cryptocurrency or cash - depriving criminals of their funds.
Operation Kraken has also achieved the following results:
CACT, established in 2012, brings together the resources and expertise of various agencies, including AFP, the Australian Taxation Service, the Australian Criminal Intelligence, AUSTRAC and the Australian Border Agency. It includes police officers, financial analysts, forensic accountants, cryptocurrency experts, and lawyers working across the country.
Under Australian law, confiscated assets are sent to a special account to fund crime prevention, rehabilitation and law enforcement initiatives across the country. Since July 2019, CACT has seized more than $1.1 billion in criminal assets, dealing a significant blow to organized crime.
Source
As part of Operation Kraken, the Australian Federal Police (AFP) has arrested $9.3 million in cryptocurrency linked to the alleged head of an international criminal organization. The operation was carried out by the Criminal Asset Forfeiture Service (CACT), led by AFP.
On September 17, a 32-year-old man from Narvi was detained on suspicion of creating and operating an encrypted communication platform called Ghost. He was charged under five articles, including assisting a criminal organization.
The confiscation of crypto assets was made possible by a CACT analyst who was able to decipher a "seed phrase" — key information for accessing a crypto wallet, which allowed AFP to transfer the attackers' funds to the agency's secure vault. Notably, this is the second major seizure under Operation Kraken. Previously, assets associated with a crime syndicate in Western Australia were seized.
According to AFP's interim commander, Scott Raven, criminal groups trying to hide the proceeds of illegal activities face the high-tech capabilities and powers of AFP and CACT. Raven stressed that the agency is able to detect and seize any assets - real estate, cryptocurrency or cash - depriving criminals of their funds.
Operation Kraken has also achieved the following results:
- 46 arrests;
- 93 searches;
- prevention of 50 threats to life and health;
- suppression of attempts to import more than 200 kg of drugs;
- seizure of 30 firearms and bladed weapons;
- confiscation of cash in the amount of $2.37 million;
- seizure of assets in the amount of $11.09 million.
CACT, established in 2012, brings together the resources and expertise of various agencies, including AFP, the Australian Taxation Service, the Australian Criminal Intelligence, AUSTRAC and the Australian Border Agency. It includes police officers, financial analysts, forensic accountants, cryptocurrency experts, and lawyers working across the country.
Under Australian law, confiscated assets are sent to a special account to fund crime prevention, rehabilitation and law enforcement initiatives across the country. Since July 2019, CACT has seized more than $1.1 billion in criminal assets, dealing a significant blow to organized crime.
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