In Brief:
- A massive $8.5 million in cryptocurrency was recovered from the dark web.
In a recent operation of 20th August on dark web drug trafficking, Victoria Police seized nearly AUD 8.5 million (USD $6 million) in crypto. The bust is reported to be Australia’s largest crypto seizure to date. The operation targeted a number of locations in the country’s south-eastern state of Victoria.
A 31-year-old Kinglake woman and a 30-year-old Preston male were arrested during the raids, according to Victoria Police. Police arrested a Kinglake resident on the charge of cannabis possession. In addition, they also arrested a Preston man, 33 years old, for marijuana possession. However, authorities released both of them, later on.
According to The Sydney Morning Herald, police believe the two suspects are related to the Silk Road incident. It was the first modern darknet bazaar shut down by US authorities in 2013.
Ross Ulbricht, the inventor of the Silk Road, is serving a double life sentence. Over USD 1 billion BTC believed to be from the infamous darknet market was moved last November.
The police have also taken control of a number of valuable assets, according to Victoria Police Crime Commander Mick Frewen. According to the statement, the seized assets are worth AUD 13.1 million (USD 9.3 million).
Statements Made by Frewen:
“This is the 21st century version of drug trafficking and money laundering, with criminals using technology to enable immense amounts of community harm and misery,” Frewen said in the statement.
He further added, “They were surprised [to see police], but like everything BitCoin has enjoyed a huge surge in value and it would probably not have been contemplated even by them when they were online in 2012 that it would have grown in value so much.”
According to Frewen, “police actively participate in these forums and get intelligence from a variety of sources, including our Australian and international law enforcement partners.”
Also Read: CEO of Coin Ninja Pleads Guilty to the $300M Money Laundering Case
He also mentioned that the dark web and bitcoin give “fertile chances” for organized crime and serious criminal activities.
Victoria Police first seized bitcoin in 2013, following the arrest of a narcotics trafficker. Police discovered Three wallets containing BTC 24,518 from them.
BTC was worth around USD 700,000 at the time of the man’s arrest towards the end of 2021. Its present value is at USD 1.16 trillion.
