The Australian police have scored a major success in busting the organized crime, according to crypto news sources freezing of $9.3 million in cryptocurrency and apprehending the head of the encrypted communication platform app. This operation shows the trend of employing digital forensic to solve the hidden financial assets issue in the dark web economy.
Australian Police Shut Down Ghost Platform, Freeze $9.3M
In anti-narcotics operations on Monday, the Australian Federal Police (AFP), in cooperation with the Criminal Assets Confiscation Taskforce (CACT), arrested a suspect from Narwee who is 32 years of age. The alleged criminal was arrested on September 17th and is accused of being the administrator of the encrypted app called Ghost, through which numerous criminal groups have been communicating.
As per the sources of AFP, the seizure was made because the task force was able to identify what is called the ‘seed phrase’ of the suspect’s cryptocurrency accounts through technical analysis. The Australian police took the assets under the Commonwealth Proceeds of Crime Act.
Two months ago, AFP officials said in a statement regarding the statement, “This is a significant victory in our fight against organized crime groups which believed that they can use encryption as a shield.”
Tracing Criminal Assets, a Major Achievement for Australian Police
The Criminal Assets Confiscation Taskforce, which has existed since 2012, has frozen more than $1.1 billion of criminals’ assets. Last month’s seizure of $9.3 million in bitcoin is the latest, and millions of other assets were seized from other groups involved in organized crime. Once seized, the funds are passed to the Confiscated Assets Account, which helps in crime fighting and police work across Australia.
A’official speaking on condition of anonymity from the taskforce said this is another operation in a series of operations aimed at arresting individuals involved in cybercrime and digital money laundering crews linked to vices. The investigation goes on and in the future more arrests might be expected as the Australian police consider other members of this network.
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Current officer in charge Senior Police Officer Scott Raven of the AFP applauded the use of modern tracking techniques in the tracking of concealed assets. He said, “Whether you have concealed them in real estate, in your bitcoins or in cash, we will find out what you have acquired through corruption and take it from you.”
It reflects the current conduct of Australian police where every digital trail is scrutinized if it comes to eliminating syndicates. Ghost, the encrypted platform for which this case is named, is estimated to have been active for several years as it provided criminal groups with efficient means of communication.
Law Enforcement in Australia to Combat Encrypted Crime Networks
The current phenomenon of using encrypted applications such as Ghost has become a very difficult issue for law enforcement agencies all over the world. These platforms help the criminals avoid being tracked as they organize various illicit exercises like drug cartel, unlawful monetary related activities and other unlawful business ventures. The Australian police, however, have given a clue that no matter the extent criminals use encrypted platforms to conduct their business, justice has no place to hide.
Operation Kraken which is under which this seizure fell has been deemed to be making significant progress. So far it has led to forty six arrests, ninety three search warrants and more than $2.37 million as well as several weapons. The Australian police think that arresting Ghost will only damage the criminal organizations that use the site even more.
Criminalistics took considerable efforts to hack the suspect’s devices and get the phrase that would unlock the stolen $9.3 million in bitcoins. This sophisticated concept of policing shows just how important computer talents are in contemporary law enforcement and especially in the face of more and more technically competent offenders.
Final Takeaway
The recent police raids that led to the confiscation of AUD 9.3 million worth of cryptocurrencies were a major setback in organized crime in Australia. The arrest of the accused head of Ghost proved that Australian police have not given up on efforts to dismantle encrypted crime syndicates. This operation can also be used to explain the role of digital forensics in the modern police, as well as to warn criminal organisations that the police will be able to reach their digital resources.
In the meantime, Australian police will most likely come across further shady resources connected to Ghost and its users. This is just one step in a set process of fighting crime cartels that has tried to use technological advancement to perpetrate crime. Keep following TheBITJournal and keep an eye on crypto updates and developments.
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