Australian police seize $9.3 million in cryptocurrency, exposing the mastermind behind the Ghost platform
Date: 2024-10-07 Author: Henry Casey Categories: IN WORLD
The Australian Federal Police (AFP) have announced the completion of Operation Kraken, which saw the arrest of a 32-year-old man from Narvia suspected of running the Ghost platform, a secret encrypted communication tool used by criminal groups. The man has been charged with supporting a criminal organisation.
A specialist analyst from the Criminal Asset Confiscation Team (CACT), which was established in 2012, was able to decipher the suspect’s account seed phrase after analysing digital devices found in his home. The assets were seized under the Proceeds of Crime Act.
CACT brings together experts from a variety of agencies, including the Australian Taxation Office and AUSTRAC. Since its inception in 2019, the team has seized more than $1.1 billion in criminal assets. Once confiscated, the funds are deposited into a forfeited assets account, which funds crime prevention and enforcement initiatives in Australia. The AFP confirmed that the investigation is ongoing and that the seized funds may ultimately be forfeited to the state.
In its efforts to disrupt organised crime, the AFP has demonstrated its ability to track and recover hidden assets. Acting Commander Scott Raven stressed that criminals will not be able to hide their illicit proceeds. He said:
"Whether you've tried to hide it in property, cryptocurrency or cash, we will find your criminal assets and seize them, leaving you with nothing."
Operation Kraken also resulted in 46 arrests, 93 searches and the seizure of $2.37 million in cash, as well as a range of weapons. These AFP efforts demonstrate that law enforcement continues to be proactive in the fight against organised crime and are leaving no chance for those who try to evade justice.
