Australian Police Seizes Crypto Worth $1.2 Million

Key takeaways:

  • The Australian Federal Police (AFP) reported that the Supreme Court of New South Wales ordered the seizure of cryptocurrency belonging to a convicted hacker.
  • Hence, the Australian Police Seizes Crypto worth $1.2 million, this is the largest Commonwealth seizure of cryptocurrency,” AFP said.
Australian Police Seizes Crypto Worth $1.2 Million
Australian Police Seizes Crypto Worth $1.2 Million

According to the Australian Federal Police (AFP), a convicted hacker has been “ordered to seize more than $1.66 million” [Australian dollars] in cryptocurrency and cash to the Commonwealth. “

In October of last year, Evan McMahon, a 23-year-old from Sydney pled guilty to several criminal charges. The AFP-led Criminal Asset Seizure Task Force (CACT) “received orders banning false names on cryptocurrency plus bank and PayPal accounts but was suspected of being controlled by that individual.”

The Supreme Court of New South Wales ruled last week that he had AUS$1.66 million in Commonwealth forfeiture property account, which includes more than AU$1.2 million (US$902,276) in bitcoin, be forfeited. AFP elaborated:

               “THE AMOUNT OF THE SEIZED CRYPTOCURRENCY, AT OVER $1.2 MILLION, IS THE LARGEST COMMONWEALTH SEIZURE OF CRYPTOCURRENCIES.”

According to the announcement, Minister for Home Affairs Karen Andrews will reallocate the resources to assist criminal offence prevention, law enforcement, and community safety measures.

The Australian guy collaborated with a male in the United States to steal the log-ins and passwords of streaming service customers and then sold them online at a cheaper rate,” according to the AFP. Samuel Joyner was his collaborator in the United States.

The investigation began in May 2018 when the US Federal Bureau of Investigation (FBI) informed AFP about an account generator website that sold stolen account credentials to online subscription providers such as Netflix, Spotify, and Hulu.

Later, AFP cybercrime agents executed a warrant at Evan’s house, seizing bitcoin and other evidence. In April, he was sentenced to two years and two months in prison.

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Aadrika Sharma

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