Australian police cracked the mnemonic phrase of a $6.4 million cryptocurrency wallet

ChainCatcher news, according to Cryptopolitan, the Australian Federal Police have dismantled a cryptocurrency wallet containing $6.4 million, believed to be the illegal proceeds of an organized crime group.

This operation is part of a broader crackdown on encrypted communication networks that are believed to be exploited by criminal enterprises. The Australian Federal Police revealed that they decrypted the wallet's mnemonic phrase and seized a total of $6.4 million in funds. Additionally, police arrested 32-year-old Sydney resident Jay Je Yoon Jung, who is accused of developing Ghost, a highly encrypted communication platform. Police stated that the platform was specifically designed for criminal organizations.