- Australian police seized $6.4M in cryptocurrency tied to a criminal group.
- Authorities restrained a total of $16M in assets linked to the group.
Australian police have seized $6.4 million in cryptocurrency tied to a global criminal group. The seizure was part of “Operation Kraken”, a long-running investigation. Authorities revealed that the funds were linked to the group’s alleged leader. Operation Kraken is a collaborative effort involving Australia and international law enforcement. However, the investigation targets illegal activities involving cryptocurrency. These activities include drug trafficking, money laundering, and fraud. Investigators used advanced tools to track and seize the assets.
Authorities believe that the seized funds were laundered through multiple crypto channels. Moreover, they suspect that the funds were part of a broader scheme. This scheme involved actively concealing profits from illegal operations. Consequently, the criminal group used crypto to evade financial systems.
In addition to the $6.4 million, Australian police also restrained $9.3 million in related assets. Consequently, this brings the total seized assets to nearly $16 million. Furthermore, police expect more funds to be confiscated as the investigation continues. These assets will likely be repurposed under the Proceeds of Crime Act.
How Is Global Cooperation Combating Crypto Crime?
Australian Federal Police (AFP) highlighted the importance of international cooperation. They noted that such operations require cross-border teamwork. Agencies such as Europol and Interpol have assisted in Operation Kraken. Their involvement has been key to the operation’s success.
Cryptocurrency has become an attractive tool for criminal groups. Its anonymity allows criminals to move money without detection. However, law enforcement agencies have developed sophisticated tracking methods. These methods are closing the gap and preventing illicit crypto transactions.
The seizure is a significant win for global authorities. It underscores the need for advanced technology in crime prevention. Authorities continue to track crypto flows tied to the criminal group. They expect more arrests and asset seizures in the coming months. Operation Kraken is ongoing and may lead to further developments. Law enforcement remains focused on dismantling the group’s entire network. Fruthermore, the AFP emphasized that stopping criminal crypto use is a priority.
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