Fun

Australian Police Confiscate Cryptocurrency Worth $1 Million With Help From FBI

News Feed - 2021-10-30 12:10:03

Australian Police Confiscate Cryptocurrency Worth $1 Million With Help From FBI


The Australian Federal Police (AFP) has confirmed that the Supreme Court of New South Wales has ordered the forfeiture of cryptocurrency belonging to a convicted hacker. “The amount of cryptocurrency forfeited, more than $1.2 million, is the largest Commonwealth forfeiture of cryptocurrency,” the AFP said. ‘Largest Commonwealth Forfeiture of Cryptocurrency’


The Australian Federal Police (AFP) announced Friday that a convicted hacker “has been ordered to forfeit more than $1.66 million [Australian dollars] in cryptocurrency and cash to the Commonwealth.”


The 23-year-old Sydney offender pleaded guilty to various criminal offenses in October last year. The AFP-led Criminal Assets Confiscation Taskforce (CACT) “obtained restraining orders over cryptocurrency plus bank and Paypal accounts held in false names, but suspected to be controlled by the man,” the AFP explained.


The Supreme Court of New South Wales ordered the forfeiture of his 1.66 million Australian dollars to the Commonwealth Confiscated Assets Account last week, including more than AU$1.2 million (US$902,276) in cryptocurrency. The AFP detailed: The amount of cryptocurrency forfeited, more than $1.2 million, is the largest Commonwealth forfeiture of cryptocurrency.


The funds will be redistributed by Minister for Home Affairs Karen Andrews to support crime prevention, law enforcement, and community safety-related initiatives, the announcement describes.


The Australian man conspired with a man in the U.S. “to steal the log-ins and passwords of streaming service customers and then sold them online at a cheaper rate,” the AFP added. According to reports, the Sydney man’s name is Evan McMahon. His accomplice in the U.S. was Samuel Joyner.


The investigation began after the U.S. Federal Bureau of Investigation (FBI) referred information to the AFP in May 2018 about an account generator website that sold stolen account details for online subscription services, including Netflix, Spotify, and Hulu.


AFP cybercrime investigators subsequently executed a warrant at the Sydney man’s home and seized cryptocurrency and various evidence. He was handed a two year and two month sentence in April.


What do you think about this case? Let us know in the comments section below. Indian Crypto Regulation Is Planned for February: Report REGULATION | 2 days ago Federal Reserve, FDIC, OCC Discuss Allowing Banks to Hold Crypto on Balance Sheets REGULATION | 2 days ago Tags in this story afp, AFP bitcoin, AFP crypto, AFP cryptocurrency, Australia, australia seizes bitcoin, australia seizes crypto, commonwealth bitcoin, commonwealth crypto, FBI, seize cryptocurrencies, Sydney


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Ex-Google exec to bring Web3 to masses as new Aptos Labs adviser
Helen Partz11 hours agoEx-Google exec to bring Web3 to masses as new Aptos Labs adviserDavid Lawee, former vice president of corporate development at Google, will use his Web2 consumer experience to promote blockchain to
Binance US Announces Dogecoin Listing
Crypto-lands favorite meme-coin is hitting another U.S.-based exchange. Binance.US has announced Thursday the listing of dogecoin under the DOGE/USDT trading pair. For now, only dep
JPMorgan Advises Investors to Sell Crypto, Buy Value Stocks — Says the Fed Overestimates Strength of US Economy
JPMorgan Advises Investors to Sell Crypto, Buy Value Stocks — Says the Fed Overestimates Strength of US Economy The chief global strategist of JPMorgan Asset Management has advis
SEC is attempting to classify Ether as a security: Report
Turner Wright5 hours agoSEC is attempting to classify Ether as a security: ReportSeveral U.S.-based companies reportedly received subpoenas from the SEC related to attempts to label Ether as a security.4100 Total views8
Visa to Approve Cryptocurrency Card by Australian Startup
Visa to Approve Cryptocurrency Card by Australian Startup Visa is reportedly set to approve Australian crypto startup Cryptospend’s issuance of debit cards
David Attlee13 hours agoEuropean regulator: CASPs should work on protocol interoperability, self-hosted walletsThe proposed new industry guidelines are intended to address issues around AML and CFT rules.1519 Total views
US Senators Working on Broad-Based Crypto Regulation
US Senators Working on Broad-Based Crypto Regulation Two U.S. senators are working on a bipartisan, broad-based regulatory framework for cryptocurrency. “The work we’
Crypto investment products see outflows for second consecutive week — CoinShares
Ana Paula Pereira5 hours agoCrypto investment products see outflows for second consecutive week — CoinSharesBitcoin funds led outflows among crypto investments over the past week, with $192 million exiting the market a
Popularity of Crypto Investments Makes Case for Regulations, Australian Securities Watchdog Says
Popularity of Crypto Investments Makes Case for Regulations, Australian Securities Watchdog Says High rates of crypto ownership, with purchases often made on advice from Youtube an
UK Mulls Over Negative Interest Rates, US to Keep Near Zero Rates for Years
UK Mulls Over Negative Interest Rates, US to Keep Near Zero Rates for YearsThe Bank of England is now seriously considering implementing negative interest rates while the U.S. Feder
Ethermine Mining Pool Cashes in Its $2.6 Million Ethereum Fee Windfall
Ethermine Mining Pool Cashes in Its $2.6 Million Ethereum Fee WindfallEthermine will now proceed to distribute its $2.6 million bonanza from a series of bizarre ethereum transaction
SEC requests extra $158M from federal budget to police crypto’s ‘Wild West’
Jesse Coghlan6 hours agoSEC requests extra $158M from federal budget to police crypto’s ‘Wild West’Part of the funds would hire staff across SEC divisions, with one job dedicated to crypto and another to help with