The Australian Federal Police (AFP) has seized A$9.3 million (equivalent to $6.4m) worth of cryptocurrencies belonging to Jay Je Yoon Jung, a 32-year-old Nawee man linked to a criminal messaging app.
The latest development is part of an ongoing investigation dubbed Operation Kraken, which targets organized criminal activities.
AFP Deciphers Suspect’s Crypto Seed Phrase
The 32-year-old suspect is allegedly the mastermind behind an encrypted messaging app called “Ghost,” which authorities believe facilitate communication between crime networks.
On October 2, the AFP announced that the crypto assets were seized after an analyst from the Criminal Assets Confiscation Taskforce (CACT) cracked the account’s seed phrase by examining digital devices found at the home of Jung.
After accessing the wallet holding the crypto assets, the AFP transferred them into the police’s custody. The AFP also noted that the crypto asset will be transferred to the government in due course and could be used to support future law enforcement programs.
AFP Warns Crypto Criminals
According to the report, this is the second time digital assets have been confiscated in the AFP’s investigation targeting all alleged Ghost app developers and users. The first raid in August led to the seizure of $1.4 million in crypto and properties.
“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,” AFP acting Commander Scott Raven said.
The agency noted the ongoing results from Operation Kraken, which includes 46 arrests, 93 search warrants conducted, intervention in 50 threats to life/threats to harm, prevention of more than 200kg of illicit drugs from harming the Australian community, seizure of 30 illegal firearms/weapons, A$2.37 million ($1.60 million) in cash seized, and restraint of A$11.9 million ($8.2 million) in assets.
According to the AFP, Jung was arrested on September 17 and charged with five crimes, including aiding a criminal organization.
The police noted that Jung specifically developed “Ghost” for criminal use, with individuals using the platform to coordinate activities such as drug trafficking, money laundering, and contract killings.
