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In a significant move against organized crime, Australia’s federal police have seized $6.4 million worth of cryptocurrency linked to the Ghost network, an encrypted communications platform allegedly used by criminal syndicates.

This operation, dubbed Operation Kraken, is part of a larger global initiative to dismantle illicit communication networks that facilitate criminal activities.

The Australian Federal Police (AFP) arrested Jay Je Yoon Jung, a 32-year-old resident of Sydney, who is believed to be the mastermind behind the Ghost network.

Jung appeared in a Sydney court this week, facing serious charges related to the operation and alleged distribution of the encrypted app.

Another individual involved in the distribution of Ghost was also apprehended.

The seized cryptocurrency has been secured in an AFP storage facility, with law enforcement officials seeking its permanent forfeiture.

Operation Kraken has showcased a coordinated international response, resulting in significant arrests and asset seizures worldwide.

In Australia alone, the operation mobilized 700 AFP members to execute 93 search warrants across the nation.

These raids led to the arrest of 46 individuals and allowed authorities to intervene in 50 potential life-threatening situations.

The AFP also confiscated 30 illicit weapons and 200 kilograms of illegal drugs as part of this extensive crackdown.

While the operation shares its name with Kraken, the prominent cryptocurrency exchange, Australian authorities have clarified that there is no connection between the two.

A Kraken spokesperson expressed disappointment with the naming choice, emphasizing the potential for public confusion, but reiterated that the exchange had no involvement in the illicit activities under investigation.

Australia’s focus on dismantling organized crime networks aligns with a broader global trend of increasing scrutiny on encrypted communication platforms.

These networks, which are designed to provide secure messaging services, have garnered significant attention from law enforcement agencies worldwide due to their exploitation by criminal organizations for various illicit activities.

The takedown of the Ghost network underscores the collaborative efforts among law enforcement agencies to target encrypted platforms that offer enhanced privacy protections, often abused by criminal syndicates.

The international coordination behind Operation Kraken illustrates the growing commitment among governments to disrupt the infrastructure that facilitates criminal activity.

The implications of this operation extend beyond Australia, as it highlights the need for continued vigilance against the use of encrypted communication by criminal networks.

As law enforcement agencies worldwide ramp up their efforts to counter organized crime, the Ghost network’s dismantling serves as a critical reminder of the challenges that lie ahead.

The post Australia seizes $6.4M worth of crypto in crackdown on criminal ghost network appeared first on Invezz

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