The Australian Federal Police (AFP) announced on Tuesday that they seized $6.4 million in cryptocurrency. This action is part of an investigation into a suspect linked to Ghost, an encrypted communication app used by organized crime.

The suspect, 32-year-old Jay Je Yoon Jung from New South Wales, was arrested on September 17. He now faces several charges, including supporting a criminal organization.

How did they manage this seizure? AFP analysts cracked the seed phrase for digital wallets found on Jung’s devices during a raid at his home. This breakthrough allowed them to secure the funds in a safe storage facility.

The assets were restrained under the Commonwealth Proceeds of Crime Act 2002. This law aims to disrupt criminal networks by confiscating their illegal profits. It’s important to note that this is the second crypto asset freeze under Operation Kraken. The first was earlier this year, involving assets linked to a syndicate in Western Australia.

Operation Kraken has led to 46 arrests so far. Authorities executed 93 search warrants and seized 30 illegal firearms. They also prevented over 200 kilograms of illegal drugs from entering the Australian market and confiscated more than $1.6 million in cash.

The AFP’s Criminal Assets Confiscation Taskforce leads this operation. They work closely with other agencies, including the Australian Taxation Office, AUSTRAC, and the Australian Border Force. Since its launch in 2012, this task force has restrained over $759 million in criminal assets.

As the investigation continues, the AFP plans to seek permanent forfeiture of the seized cryptocurrency. This effort aims to cripple the financial networks of organized crime syndicates operating in Australia and beyond.