Australian police seize $142,000 worth of cryptocurrency with new powers
Date: 2024-11-01 Author: Gabriel Deangelo Categories: IN WORLD
Victoria Police’s annual report revealed that officers have seized $142,679.10 worth of crypto assets in connection with a drug investigation this year. This marks the first successful cryptocurrency seizure since the new laws were introduced.
The Confiscation Amendments Act 1997, which came into force in August 2023, gave law enforcement the ability to immediately seize crypto assets when they are discovered.
The new provisions in the law give investigators the power to seize assets during the investigation phase, including “recovery phrases” – a unique set of words associated with a digital wallet that allow access to stored crypto assets. Using these phrases, Victoria Police gained access to six wallets containing various cryptocurrencies. However, the police report does not specify which cryptocurrencies were seized.
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The operation highlights the importance of recent legislative changes aimed at combating crimes related to digital assets. While seizures of illegal crypto assets are nothing new, the recent changes are part of a wider initiative by the Australian government to combat the use of cryptocurrencies
