AFP Seizes $9.3 Million in Cryptocurrency from Encrypted Platform Operator in Major Organised Crime Bust
The Australian Federal Police (AFP)-led Criminal Assets Confiscation Taskforce (CACT) has successfully restrained $9.3 million in cryptocurrency as part of an ongoing investigation into the mastermind behind “Ghost,” a dedicated encrypted communication platform used by criminal syndicates.
The 32-year-old suspect, a Narwee man, was apprehended on September 17 during Operation Kraken, an extensive AFP operation targeting organized crime. He now faces five charges, including supporting a criminal organization. The cryptocurrency, seized under the Commonwealth Proceeds of Crime Act 2002, is the second significant asset restraint linked to this investigation. Earlier in September, CACT restrained assets linked to a syndicate in Western Australia.
Key to the operation’s success was an AFP analytics specialist, who was able to decipher the cryptocurrency account’s “seed phrase” by analyzing digital devices recovered from the suspect’s home. This breakthrough allowed the AFP to transfer the cryptocurrency into secure AFP storage, significantly crippling the financial assets of the accused.
AFP Acting Commander Scott Raven emphasized the importance of the AFP’s technical capabilities in staying ahead of criminal organizations. “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,” said Raven. He added, “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.”
Operation Kraken has been a critical part of the AFP’s broader effort to combat organized crime in Australia. To date, this operation has resulted in:
- 46 arrests
- 93 search warrants conducted
- Intervention in 50 threats to life or harm
- Prevention of more than 200kg of illicit drugs entering the Australian community
- Seizure of 30 illegal firearms and weapons
- $2.37 million in cash seized
- $11.09 million in assets restrained
The CACT, which brings together the expertise of the AFP, Australian Taxation Office, Australian Criminal Intelligence Commission, AUSTRAC, and Australian Border Force, was formed in 2012 to proactively trace and confiscate criminal assets. The group’s work spans across Australia and includes specialists like financial investigators, forensic accountants, and cryptocurrency experts.
