- AFP seized $6.4 million in cryptocurrency from Jay Je Yoon Jung, creator of the “Ghost” app used by organized crime.
- The seizure occurred after a CACT analyst deciphered a seed phrase from devices recovered at Jung’s home.
- This is part of Operation Kraken, which aims to dismantle the Ghost app and its criminal activities.
The Australian Federal Police (AFP) recently accessed $6.4 million in cryptocurrency linked to Jay Je Yoon Jung, alleged creator of the encrypted messaging app “Ghost.
This app is under investigation for facilitating organized crime, including drug trafficking and money laundering.
Operation Kraken: AFP Cracks Down on Crypto Tied to Organized Crime
Jung’s arrest on September 17 marks a significant step in the AFP’s ongoing Operation Kraken, aimed at disrupting the criminal networks using the Ghost app. This operation previously led to the confiscation of $1.4 million in cryptocurrency and properties. The AFP has reiterated its commitment to identifying and seizing assets tied to criminal activities, regardless of how they are concealed.
Operation Kraken, the initiative focused on dismantling the infrastructure behind the Ghost app, has already resulted in previous seizures, including $1.4 million in cryptocurrency and various properties in August. The AFP’s comprehensive approach involves the collaboration of multiple agencies to tackle the growing use of encrypted communications in organized crime.
Despite the successful seizure, the AFP has not disclosed specific details about the methods used to decipher the seed phrase or the nature of the devices recovered. This case remains under judicial scrutiny, and the authorities are keen to maintain the integrity of their ongoing investigations. Jung faces serious charges, including supporting a criminal organization, with potential penalties reaching 26 years in prison.
As the AFP continues its crackdown on digital assets linked to criminal activity, it underscores the increasing focus on cryptocurrency in law enforcement strategies. The ongoing developments in this case could have broader implications for how authorities address the intersection of technology and organized crime.
The seizure of $6.4 million in cryptocurrency from Jay Je Yoon Jung highlights the AFP’s determination to combat organized crime using advanced digital forensics and asset recovery tactics.
“Whether you have tried to hide them in real estate, cryptocurrency or cash, we will identify your ill-gotten goods and take them away from you, leaving you with nothing.”
