The Australian Federal Police (AFP) has reportedly led a crackdown against the infamous Ghost Platform, freezing around $9.3 million in cryptocurrency. The platform is an undercover encrypted means of communication widely used by cybercriminals. The police unveiled the operation and have allegedly arrested the -supposed executor behind the Ghost Platform, breaking into his crypto accounts through digital forensics.
AFP Freezes Millions Against Encrypted Crime Networks
Sources report that the AFP recorded a significant milestone in the previous week by stating that its Criminal Assets Confiscation Taskforce (CACT) had seized $9.3 million in cryptocurrency on 17 September 2023. This crackdown was a component of its “Operation Kraken,” which is dedicated to spotting the primary individuals running the Ghost Platform.
The alleged prime suspect was a 32-year-old man from Narwee, who was detained and charged with his role in organized criminal moves. An official AFP statement highlighted that digital devices were able to find his dwellings which gave the authorities a green signal to break through his crypto accounts. This crackdown was made possible when a digital forensic expert from the CACT translated the account’s “seed phrase” in an analysis of the hardware confiscated at the location.
The money was blocked according to the Commonwealth Proceeds of Crime Act, which sees through the seizure of the criminally acquired funds. The CACT has an allegedly integral part in this discovery. It was formed in 2012 to bring in resources from agencies like the Australian Taxation Office and AUSTRAC. The task force has already halted over $1.1 billion in criminal assets since 2019, and its operations contribute massively to investigating organized crimes.
Seized Assets Used to Prevent Crime
Criminal assets such as the $9.3 million taken in this crackdown are reportedly transferred to the Confiscated Assets Account, where they are allocated to finance crime prevention and law enforcement efforts all across Australia. The AFP allegedly stated that the operation against Ghost Platform and its criminal associates is still going on.
Acting Commander Scott Raven of the AFP allegedly stressed that criminals will not have the option to store their illicit funds in the form of cryptocurrency, real estate, or cash. He further said that the AFP can chase these transfers and seize them, halting access of the criminals to the hacked funds. “Whether you have tried to hide them in real estate, cryptocurrency, or cash, we will identify your ill-gotten goods and take them away from you, leaving you with nothing,” Raven declared.
Along with the blocking of $9.3 million in cryptocurrency, the crackdown has given way to several similar cases like 46 arrests, 93 search warrants, and the seizure of $2.37 million in cash. Police have also captured numerous weapons to weaken criminal activities.
Continued Efforts Against Ghost Platform
The AFP and authorities are adamant about continuing the operations against organized crime in cyberspace. It is alleged that more arrests and findings will be uncovered as the case progresses deeper. This can lead to more seizures of funds and recovery of digital assets. The AFP’s triumph against the ongoing industry battle against crypto crimes and frauds is a landmark victory for law enforcement authorities. The investigation demonstrated that even encrypted and sophisticated platforms like Ghost can now be deciphered and broken through by the authorities with their advanced expertise in breaking up cybercrime networks.
By moving forward with operations against such platforms, law enforcement agencies are making it crystal clear to the criminals that they will not be able to get away with fraud and laundering anymore as entities like the AFP are getting well-equipped to deal with them. Explore more about crypto and cyber crimes with TurkishNYRadio.
