Australian Feds Seize Mansion and Bitcoin Tied to Exchange Hack: $2.88M assets linked to cybercrime confiscated.

An Australian man from Queensland has surrendered Bitcoin, a waterfront mansion, and a Mercedes-Benz car following claims by the Australian Federal Police that the assets could be linked to criminal proceeds. The AFP-led Criminal Assets Confiscation Taskforce (CACT) stated on May 18 that it confiscated nearly 25 Bitcoin (BTC), along with the mansion and car, totaling 4.5 million Australian dollars ($2.88 million). The investigation began in September 2018 after Luxembourg authorities shared information on suspicious Bitcoin transactions allegedly tied to the Queensland man, who had a prior hacking conviction. The AFP also linked the man to the theft of 950 Bitcoin from a French crypto exchange in 2013. Although no criminal charges were filed for the Bitcoin theft, a court granted a forfeiture order in April for the assets, citing untraceable legitimate earnings. The confiscated assets reportedly belonged to Shane Stephen Duffy, who pleaded guilty to fraud and hacking in 2016. Duffy was implicated in selling personal data from League of Legends players but was not involved in the 2011 hack on Riot Games. The AFP utilizes its powers under the Proceeds of Crime Act to restrain and forfeit suspected criminal assets, including those from cybercrimes. The proceeds from selling the assets will be directed to a fund supporting crime prevention and law enforcement efforts. The CACT has restrained over $1.2 billion in assets, including real estate, vehicles, yachts, cryptocurrencies, and artwork since July 2019.

In Trend

“Mock driving tracks boost success in DL tests for drivers obtaining licenses, Ahmedabad implements new strategy.”

Blum Co-Founder Arrested in Russia on Fraud Charges, Casts Doubt on BLUM Token Airdrop Plans

Leave a Reply

Your email address will not be published. Required fields are marked *