Largest Crypto Seizure In Australia: Police Seize $6M Worth Of Digital Currency

The proportion of unlawful crypto transactions, in keeping with this Chainalysis report, is about 2% of complete transactions. Although nearly all of cryptocurrency transactions shouldn’t be unlawful, it’s more and more getting used for felony actions.

As a part of a darkish internet operation, Australian police have carried out a large cryptocurrency seizure. The complete worth seized was about $6 million (AUD 8.5 million). According to the authorities, that is the most important crypto seizure made in Australia in historical past.

Crypto Seizure And The Dark Web

Victoria police reported that the seizure was a part of an ongoing investigation into on-line drug trafficking. The arrests and seizures represent a part of an investigation into drug trafficking on a darkish internet platform that has been on-line since 2012. Australian authorities have been investigating the drug trafficking darkish internet platform since early 2021.

Related Reading | US Government Plans To Pay Rewards To Dark Web Informants In Cryptocurrency

On Thursday, detectives carried out searches at properties in Kinglake, Preston, Prahran, Dollar, and South Yarra. They carried out the searches with help from East Gippsland Crime Investigation Unit and Bass Coast Crime Investigation Unit. Several gadgets have been seized from the properties. These embrace medication believed to be hashish, Psilocin (magic mushrooms), MDMA, prescription treatment, and white powder and crystals. The police additionally seized belongings price a complete of AUD 13.1M. Among these have been two properties in Kinglake and Dollar valued at about $2M. Vehicles, together with a Toyota Prado and VW T-Cross, valued at about $100,000, have been additionally seized.

Crypto complete market cap settles above $2 trillion | Source: Crypto Total Market Cap on

Three folks have been arrested and interviewed by the police. This features a 31-year-old Kinglake lady and a 30-year-old Preston man. Although each have been launched pending additional inquiries, the lady was charged with possession of hashish. A 33-year-old man was additionally arrested on the Preston tackle.

Investigations Remain Underway

Investigations into drug trafficking in Australia are nonetheless ongoing. The authorities urge anybody with info to contact them. Victoria Police Crime Command, Commander Mick Frewen, famous that the case highlights the trendy nature of the intense and arranged crime. “This is the 21st-century version of drug trafficking and money laundering, with criminals using technology to enable immense amounts of community harm and misery,” he said.

He additionally talked about that though there could also be a notion of anonymity in on-line drug trafficking, the investigation exhibits in any other case. “We make no apology for targeting those involved in the manufacture and trafficking of illicit drugs and holding them to account”.

Related Reading | UK Police Seize Ethereum Worth $9.5 Million Found On USB Stick

This incident is only one of many recorded in current occasions. The UK police have carried out investigations which have resulted in crypto seizures. The newest confiscation concerned important quantities of Ethereum (ETH) discovered on USB sticks related to a global cryptocurrency rip-off.

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