The Australian Federal Police (AFP) announced last week that it led the Criminal Assets Confiscation Taskforce (CACT) to seize $9.3 million in cryptocurrency on Sept. 17 as part of Operation Kraken. This operation targets the alleged mastermind behind Ghost, an encrypted communication platform used by organized crime.

The suspect, a 32-year-old Narwee man, was arrested and charged with supporting a criminal organization. According to the AFP:

The assets were restrained after an analytics specialist within the AFP-led CACT deciphered the account’s ‘seed phrase’ following analysis of digital devices recovered from the Narwee home.

The funds were seized under the Commonwealth Proceeds of Crime Act.

The CACT, which was established in 2012, brings together experts from multiple agencies such as the Australian Taxation Office and AUSTRAC. Since 2019, it has restrained over $1.1 billion in criminal assets. Once confiscated, the funds are deposited into the Confiscated Assets Account, which supports crime prevention and law enforcement efforts across Australia. The AFP confirmed that investigations are still ongoing, and the restrained assets may eventually be forfeited to the Commonwealth.

In its efforts to disrupt organized crime, the AFP showcased its ability to trace and recover hidden assets. Acting Commander Scott Raven stressed that criminals could not hide their illicit funds. He stated:

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 led to 46 arrests, 93 search warrants, and the seizure of $2.37 million in cash, along with various weapons.

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