Fighting Cyber Crime, Australian Police Confiscate IDR 100 Billion Crypto Assets

Australian Federal Police managed to arrest a cyber crime syndicate and confiscate crypto assets. (Photo; Doc. CryptoKnowmics)

JAKARTA - Australian Federal Police (AFP) managed to confiscate US$6.4 million worth of crypto assets (approximately Rp100.3 billion) allegedly linked to international crime syndicates. This confiscation attempt is part of Operation Kraken, which aims to combat organized crime, particularly in the realm of cybercrime.

In the operation, AFP arrested Jay Je Yoon Jung, who is suspected of being the mastermind behind an encrypted communication app that supports a criminal network called Ghost. Jung is faced with five charges, including supporting criminal organizations, and risks facing a prison sentence of up to 26 years if found guilty.

Jung's arrest came after analysts from the Criminal Assets Confiscation Taskforce (CACT) managed to break the seed phase of the wallet found on the suspect's device during the raid. This Seed phase contains important information to access or recover funds stored on the blockchain.

After the confiscation, the AFP moved the funds to a safe storage area. The asset recovery is based on the Commonwealth Proceeds of Crime Act 2002, which aims to shake up criminal networks by seizing their illegal wealth. The proceeds from this confiscation are planned to be used by the government to fund law enforcement initiatives.

Not the first

This confiscation is the second time AFP has carried out on Ghost app creators and users. Earlier, in August, authorities confiscated $1.4 million (approximately $2 million) in cryptocurrency and related properties.

Operation Kraken has had a significant impact, including 46 arrests, 93 search warrants, and the seizure of 30 illegal firearms. In addition, AFP also managed to prevent more than 200 kilograms of illegal drugs from entering the Australian market and confiscated more than 2.37 million US dollars (Rp37.1 billion) in cash.

"Whether you're trying to hide it in real estate, cryptocurrency, or cash, we're going to identify and retrieve your stolen items, leaving you with nothing," said AFP interim Commander Scott Raven.

This development highlights the challenges facing the digital financial world. Attacks on crypto assets increased sharply, reaching USD 2.1 billion in 2024. The largest came from the centralized finance sector, BeInCrypto reported.