Australian Police Seize $6.4 Million in Crypto in Major Operation

The Australian Federal Police (AFP) have seized $6.4 million in cryptocurrency linked to an international crime syndicate during Operation Kraken, resulting in the arrest of Jay Je Yoon Jung.

Accused of running a network via the encrypted app Ghost, Jung faces five charges, including aiding a criminal organization, with a potential sentence of up to 26 years.

His arrest followed a breakthrough by a Criminal Assets Confiscation Taskforce analyst who accessed seed phrases from wallets on Jung’s devices. The seized funds, secured under the Commonwealth Proceeds of Crime Act 2002, will support law enforcement initiatives.

This is the second major operation against Jung and his associates, following a previous seizure of $1.4 million in August. Operation Kraken has led to 46 arrests, 93 search warrants, and the confiscation of illegal firearms and cash, while preventing over 200 kilograms of drugs from entering Australia.

AFP acting Commander Scott Raven reiterated that the police will track down and seize any hidden assets, highlighting the ongoing threat of cybercrime, with reported attacks in the crypto sector reaching $2.1 billion in 2024.