The Australian Federal Police announced that they have seized $6.4 million worth of cryptocurrency as part of an investigation targeting the alleged mastermind behind Ghost, an encrypted communication app used by organized crime groups. The suspect, Jay Je Yoon Jung, was arrested and now faces multiple charges, including supporting a criminal organization. The seizure was made possible after analysts cracked the seed phrase from wallets found during a raid, allowing the police to transfer the funds into secure storage. This is the second crypto-related asset freeze under "Operation Kraken," which has resulted in numerous arrests, search warrants, firearm seizures, and the prevention of drug entry into Australia. The AFP-led Criminal Assets Confiscation Taskforce, which includes various agencies, aims to permanently forfeit the seized cryptocurrency to disrupt the financial networks of organized crime syndicates.



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