Authorities confiscate $6.4 million worth of cryptocurrencies after cracking seed phrase

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Authorities confiscate $6.4 million worth of cryptocurrencies after cracking seed phrase
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The Australian Federal Police (AFP) announced that they managed to decipher a suspect’s seed phrase, which allowed them to access US$6.4 million in cryptocurrencies belonging to him. The individual in question would be behind the encrypted messaging app “Ghost”. According to authorities, criminal organizations used the app to carry out illicit activities.

In a statement issued on October 2, the AFP reported that the seizure of the cryptocurrencies was possible thanks to the work of an analyst from the Criminal Assets Confiscation Task Force (CACT).

Analysis of digital devices recovered from the residence of Jay Je Yoon Jung, alleged creator of the Ghost app, allowed analysts to decipher the seed phrase. This made it possible to access the account and transfer the cryptocurrencies to secure storage under police control.

Authorities plan to transfer the cryptocurrencies to the government at an opportune time. According to the announcement, the idea is to use these funds for public safety initiatives in the future.

Cryptocurrency seizure

This was not the first seizure of assets linked to the operation against the creator of the Ghost app. In August, for example, the task force had already confiscated US$1.4 million in cryptocurrencies and properties in an action that is part of the so-called “Operation Kraken”.

As Scott Raven, acting commander of the AFP, reported, the police are committed to identifying and confiscating illicit assets, regardless of whether they are hidden in real estate, cryptocurrencies or cash.

“We will take everything from you, leaving you with nothing,” Raven stated.

Jay Je Yoon Jung was arrested on September 17 and charged with five crimes, including supporting a criminal organization. He faces a maximum sentence of 26 years in prison.

According to authorities, Jung developed the Ghost app exclusively for use by criminals. These people used him to coordinate illicit activities, such as drug trafficking, money laundering and even contract killings. He sold the app through resellers who offered modified smartphones with six months of access to the service. In addition, it provided technical support, costing around US$1,600.

The police also revealed that Jung kept the application constantly updated and that authorities managed to discreetly infiltrate the software and access the content of the modified phones.

Authorities confiscate $6.4 million worth of cryptocurrencies after cracking seed phrase

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Authorities confiscate $6.4 million worth of cryptocurrencies after cracking seed phrase

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Authorities confiscate $6.4 million worth of cryptocurrencies after cracking seed phrase

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