- A successful AFP Kraken operation led to the uncovering of a criminal syndicate infrastructure
- AFP arrested 47 individuals linked to its activities through the Ghost app
- Also, they issued 93 arrest warrants, seized $1.6M in cash and 30 weapons
- Also, they prevented transactions of 200 kilograms of drugs
- It significantly cut off the flow of funding for the syndicate
The high-profile AFP Kraken led to the stunning arrest of Jay Je Yoon Jung, from New South Wales, on Sept. 17.
After uncovering his wallet on the crime app Ghost, the investigation went further and uncovered a crime syndicate network, seizing not only $6.4 million worth of crypto, but also arresting 46 other related individuals, preventing the distribution of 200 kilograms of drugs, and 30 illegal weapons.
AFP Kraken Operation Details and Showcasing Results
The AFP-led Criminal Assets Confiscation Taskforce, which spearheads the operation, pools resources from agencies including the Australian Taxation Office, AUSTRAC, and the Australian Border Force.
They first arrested suspect Jay Je Yoon Jung and charged him with supporting the operation of a criminal syndicate, further investigating his activities and assets, within the AFP-led CACT deciphered the account’s “seed phrase” following analysis of digital devices recovered from the Narwee home.
They seized $6.4 million worth of crypto as a result, but all of this led law enforcers to more serious results in their strategy to disrupt the financial infrastructure of the crime syndicates.
Acting Commander Raven said:
“The restraint of these assets shows the technical capabilities and powers that the AFP, and our partners through the CACT, are able to bring to bear on organized crime.”
This led to the arrest of a further 46 individuals linked to various aspects of the crime syndicate, as well as 93 search warrants.
The operation led to the seizure of another $1.6 million in cash, and 30 illegal weapons, and prevented the distribution of 200 kilograms of drugs.
All of this has had a major impact on the syndicate’s ability to fund its operations and infrastructure, including Ghost apps as one of its core elements.
He added:
“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.”
Conclusion
This is a great success for AFP, as taking advantage of cryptocurrencies for illegal purposes strongly negates crypto, hinders investment and technology development as well as smooth regulatory acceptance.
Therefore, we can say that the success of AFP’s Kraken operation is a success for the entire crypto industry, and has severely limited the opportunities for negative actors. However, we all realize that this never-ending battle, and AFP with other authorities needs to keep its focus at all times.
