As a seasoned researcher with a keen interest in the intersection of technology and law enforcement, I find myself increasingly impressed by the strides global police forces are making in combating crypto crime. The recent seizure of over $140,000 in cryptocurrency by Victoria Police is a testament to their dedication and the effectiveness of legislative changes aimed at countering digital asset-related crime.
This year, Victoria Police seized more than $140,000 worth of digital currencies following a legal update that expanded their authority to seize assets.
In their yearly report, Victoria Police has reported seizing approximately $142,679.10 worth of cryptocurrency during an ongoing drug trafficking investigation. This is said to be the first instance where such a seizure was made under revised legislation.
The amendments to the Confiscation Act 1997, set to take effect in August 2023, grant law enforcement agencies the power to swiftly seize cryptocurrencies upon their discovery.
With the new authorities granted in this act, detectives are now able to confiscate assets as part of their investigations, which may involve “recovery keys” – a set of distinct terms that unlock a digital wallet and enable access to saved crypto assets. According to the report, Victoria Police successfully accessed six different wallets containing assorted cryptocurrencies by using these keys.
The specific coins that were seized were not detailed in the police report.
Global police cracking down on crypto crime
The operation underscores the influence of recent legislative adjustments designed to combat digital asset crimes. Previous confiscations of illicit cryptocurrencies have occurred, as international law enforcement agencies step up their fight against unlawful crypto usage. Yet, these latest revisions are an integral aspect of a broader Australian government strategy addressing the growing involvement of cryptocurrency in illegal transactions.
In October, Binance joined forces with Delhi Police to take down a fraud involving “M/s Goldcoat Solar,” a supposed entity that misrepresented connections to India’s renewable energy industry. This joint effort led to multiple arrests and the confiscation of more than $100,000 in a stablecoin.
Simultaneously, authorities in Hong Kong broke up a deepfake cryptocurrency romance swindle that swindled people out of approximately $46 million. This operation resulted in 27 arrests, among them were university graduates and suspected triad members who fabricated fake trading platforms to deceive victims.
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2024-10-31 16:50