🌋 AFP Deciphers Seed Phrase: $9.3 Million in Crypto Seized
posted 2 Oct 2024
The Australian Federal Police (AFP) "deciphered" the seed phrase of a cryptocurrency account as part of Operation Kraken. Authorities seized approximately $9.3 million from Jay Jay Je Yoon Jung, a suspected developer of the encrypted messaging app Ghost.
Jung was arrested on September 17 on five charges, including supporting organized crime. The asset seizure was made public today.
The AFP-led Criminal Assets Confiscation Taskforce (CACT) deciphered the seed phrases after analyzing the suspect’s hardware wallet devices, though no specific details about the process were shared.
The AFP-led Criminal Assets Confiscation Taskforce (CACT) deciphered the seed phrases after analyzing the suspect’s hardware wallet devices, though no specific details about the process were shared.
The restraint of these assets shows the technical capabilities and powers that the AFP, and our partners through the CACT, are able to bring to bear on organised crime,said AFP acting Commander Scott Raven.
Under the Commonwealth Proceeds of Crime Act 2002, the assets were frozen and transferred to secure storage. This marks the second major cryptocurrency seizure in Operation Kraken, following the confiscation of assets from a criminal syndicate. Authorities stated that the funds could be permanently forfeited after court proceedings.
Since the launch of Operation Kraken, AFP has made 46 arrests, conducted 93 searches, and seized around $2.37 million in cash and $11.09 million in other assets, including cryptocurrencies. CACT teams, which operate nationwide, consist of law enforcement officers, legal experts, technology specialists, and forensic accountants.
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