The Australian Federal Police (AFP) recently figured out the suspect’s seed phrase, which let them get to $6.4 million in cryptocurrency. The suspect is suspected of making a private chat app that organized crime groups use. Reports say that the “Ghost” app made illegal things easier, like drug dealing, money laundering, and hiring people to kill people on contract.
The big discovery was made as part of Operation Kraken, an ongoing probe. The Criminal Assets Confiscation Taskforce (CACT), which is made up of digital and bitcoin experts, got the seed phrase by looking at devices that were found at Jay Je Yoon Jung’s home. Jung is accused of making and keeping the “Ghost” app, which gave thieves a safe way to talk to each other.
The AFP put the cryptocurrency they took in a safe place to store it and plans to give it to the government so that it can be used in law enforcement efforts. This is the second big capture of assets as part of Operation Kraken. In August, $1.4 million worth of cryptocurrency and land were taken away.
Investigators nabbed Jung on September 17 and charged him with five crimes, including helping a criminal group. Jung could face up to 26 years in prison if convicted. Police think that thieves made the Ghost app and sold it for about $1,600, which included six months of tech help for phones that had been hacked.
The authorities haven’t said how they figured out the seed word; they’ve only said that digital devices found during the raid were used. No more information has been given because the case is still being heard in court.
The AFP’s actions against Jung and his friends show that they are still trying to find money, real estate, cryptocurrency, or other assets that are linked to organized crime. The agency will find and take away thieves’ illegal wealth no matter how they try to hide it.
