Australian Police Seize Hacker’s Bitcoin, Mansion and Luxury Car

The Australian police recently seized 25 bitcoins, a luxury car, and a mansion in Beachmere from a man previously convicted of hacking an American gaming company.

AFP Targets Illegal Profits of Hacker

The Australian Federal Police (AFP) recently seized 25 bitcoins, a luxury car, and a mansion in Beachmere from a man previously convicted of hacking an American gaming company. The law enforcement agency moved on the assets valued at $4.5 million after they were deemed to be proceeds of crime.

According to a local report, the seizure, carried out by the AFP’s Criminal Assets Confiscation Taskforce, concluded an operation launched in 2018. Australian law enforcement also links the Queensland-based hacker to the 2013 theft of 950 bitcoin from a French cryptocurrency exchange.

AFP Commander Jason Kennedy said his organization is emphasizing seizing profits in its fight against cybercriminals.

“Criminals are driven by greed at the expense of honest Australians and businesses who are losing their hard-earned money to cybercriminals. The profits derived from criminal activities are also often used to fund further criminal acts, which is why the AFP works closely with our partners in the CACT to target the proceeds of crime and ensure they are reinvested in the community,” Kennedy is quoted as saying.

While no criminal charges were filed in Australia, the CACT is said to have relied on civil powers available under proceeds of crime laws to freeze and eventually confiscate assets. Authorities assert that the individual’s wealth lacks legitimate financial backing.

Since July 2019, the CACT has reportedly restrained over $1.2 billion in criminal assets, including property, luxury goods, cryptocurrency, yachts, and fine art. According to the report, the restrained assets will be liquidated, and the proceeds will be deposited into the Commonwealth Confiscated Assets Account. The Attorney-General has the discretion to distribute the funds to community initiatives like drug prevention and law enforcement programs.