The police seized $6 million worth of digital currency


The percentage of illegal crypto transactions, according to this Chain analysis Report, accounting for about 2% of the total transaction volume. Although most cryptocurrency transactions are not illegal, they are increasingly used in criminal activities.

As part of the dark web operation, Australian police carried out large-scale cryptocurrency seizures. The total value seized was approximately US$6 million (A$8.5 million). According to the authorities, this is the largest cryptocurrency seizure in Australian history.

Cryptocurrency seizures and the dark web

Victoria Police Report The seizure is part of an ongoing online drug trafficking investigation. The arrests and seizures are part of an investigation into drug trafficking on darknet platforms that have been online since 2012. Australian authorities have been investigating dark web platforms for drug trafficking since early 2021.

Related Reading | U.S. government plans to reward darknet informants with cryptocurrency

On Thursday, detectives searched properties in King Lake, Preston, Prahran, Durrell and South Yarra. They conducted a search with the assistance of the East Gippsland Crime Investigation Team and the Bath Coast Crime Investigation Team. Several items were seized from these properties. These include drugs considered to be marijuana, Psilocin (magic mushroom), ecstasy, prescription drugs, and white powder and crystals. The police also seized assets with a total value of A$13.1 million. These include two properties located in Kinglake and Dollar, valued at approximately US$2 million. Vehicles worth about US$100,000 were also seized, including a Toyota Prado and a Volkswagen T-Cross.

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

The three were arrested and questioned by the police. They include a 31-year-old woman in Golden Lake and a 30-year-old man in Preston. Although both have been released and are awaiting further investigation, the woman is still accused of possessing marijuana. A 33-year-old man was also arrested at the Preston address.

Investigation is still ongoing

The investigation into Australia’s drug trafficking is still ongoing. The authorities urge anyone with information to contact them. Victorian Police Crime Command Commander Mick Frewen noted that this case highlights the modernity of serious and organized crime. “This is the 21st century version of drug trafficking and money laundering, where criminals use technology to cause a lot of community harm and suffering,” he said.

He also mentioned that although online drug trafficking may feel anonymous, investigations show that this is not the case. “We will not apologize to those involved in the manufacture and trafficking of illegal drugs and hold them accountable.”

Related Reading | British police seized $9.5 million worth of Ethereum on a USB flash drive

This incident is just one of many incidents recorded recently. The British police conducted an investigation, which resulted in the confiscation of cryptocurrency. The latest forfeiture involves large amounts of Ethereum (ETH) found on USB memory sticks connected to an international cryptocurrency scam.

Featured image from Decrypt, Chart from TradingView.com



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