Australian Police Crack $6.4M Crypto Wallet Linked to Organized Crime

Australian Federal Police (AFP) have successfully deciphered a cryptocurrency wallet containing $6.4 million, allegedly tied to an organized crime syndicate. The operation, codenamed Kraken, targeted encrypted communication networks used by criminal enterprises. Authorities seized the funds after cracking the wallet's seed phrase.

Jay Je Yoon Jung, a 32-year-old Sydney resident, was arrested for developing Ghost, an encrypted messaging platform purportedly designed for criminal use. The app was sold for $1,600, including six months of access and technical support. Jung faces charges including money laundering and aiding criminal organizations.

Krissy Barret, a data scientist with the Criminal Assets Confiscation Taskforce, identified a human-like pattern in what appeared to be a machine-generated security code. Barret emphasized the importance of recovering the funds, noting the suspect WOULD otherwise leave prison as a multi-millionaire from crime proceeds.