Key Takeaways
- The probe began in September 2018 when law enforcement agencies in Luxembourg alerted AUSTRAC about suspicious BTC transactions tied to the man
- The District Court’s recent ruling approved the forfeiture of the assets, which are currently valued at over 4.5 million Australian dollars.
Australian authorities have confiscated assets valued at more than 4.5 million Australian dollars following a lengthy probe into stolen crypto linked to a Queensland man.
The Australian Federal Police-led Criminal Assets Confiscation Taskforce (CACT) secured the forfeiture of a waterfront mansion, a luxury car, and nearly 25 Bitcoin after the District Court of Queensland ruled last month that the assets were suspected proceeds of crime. This outcome is the result of Operation Gouldian, which examined cyber hacking and crypto theft.
The probe began in September 2018 when law enforcement agencies in Luxembourg alerted Australia’s financial intelligence agency AUSTRAC about suspicious Bitcoin transactions connected to the Queensland individual, who had a previous conviction for hacking a U.S.-based gaming company.
Although no new criminal charges were filed, the Proceeds of Crime Act allows authorities to restrain and confiscate assets suspected to be linked to criminal activity, regardless of whether a prosecution occurs. Investigators found ties between the man and the theft of 950 Bitcoin from a French cryptocurrency exchange in 2013.
In mid-2023, CACT obtained restraining orders on the suspect’s Beachmere waterfront home, a 2019 black Mercedes-Benz sedan, and nearly 25 Bitcoin. Authorities determined these assets were disproportionate to the suspect’s legitimate income, indicating they were likely acquired through illicit means.
The District Court’s recent ruling approved the forfeiture of the assets, which are currently valued at over 4.5 million Australian dollars. CACT stated the proceeds from the sale of these confiscated items will be deposited into a special fund supporting crime prevention and law enforcement programs.
In its official statement, AFP Commander Jason Kennedy emphasized the importance of targeting criminal profits, particularly in cybercrime, saying that removing the financial incentives behind illegal activity is crucial. He noted that criminals use these profits to fuel further crime, making the seizure of assets a key tactic in disrupting their operations.