Police Seize $6M Worth Of Digital Currency


The share of unlawful crypto transactions, according to this Chainalysis report, is about 2% of whole transactions. Although the vast majority of cryptocurrency transactions isn’t unlawful, it’s more and more getting used for prison actions.

As a part of a darkish internet operation, Australian police have performed a large cryptocurrency seizure. The whole worth seized was about $6 million (AUD 8.5 million). According to the authorities, that is the biggest 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 performed 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 had been seized from the properties. These embrace medication believed to be hashish, Psilocin (magic mushrooms), MDMA, prescription remedy, and white powder and crystals. The police additionally seized belongings value a complete of AUD 13.1M. Among these had 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, had been additionally seized.

Crypto whole market cap settles above $2 trillion | Source: Crypto Total Market Cap on TradingView.com

Three people had been arrested and interviewed by the police. This features a 31-year-old Kinglake girl 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 deal with.

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 acknowledged.

He additionally talked about that though there could also be a notion of anonymity in on-line drug trafficking, the investigation reveals 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 latest instances. The UK police have performed investigations which have resulted in crypto seizures. The newest confiscation concerned important quantities of Ethereum (ETH) discovered on USB sticks linked to a global cryptocurrency rip-off.

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