Australian police seized $6.4 million in cryptocurrency related to criminal organizations

ChainCatcher news, the Australian Federal Police (AFP) announced on Tuesday that it has seized $6.4 million worth of cryptocurrency as part of an investigation into the organizers behind the encrypted communication application Ghost used by organized crime groups.

32-year-old suspect Jay Je Yoon Jung from New South Wales was arrested on September 17 during "Operation Kraken" and now faces multiple charges, including supporting a criminal organization.

Authorities will transfer the seized funds to secure storage. Under the Proceeds of Crime Act 2002, these assets will be restricted. The act aims to disrupt criminal networks by confiscating illegal property.