Victoria Police Confiscates Over $140,000 in Crypto Assets Following New Legislative Powers

Victoria Police recently seized $142,679.10 in cryptocurrency as part of a drug trafficking investigation, according to their annual report. This marked the first successful crypto asset confiscation under the updated laws.

Changes to the Confiscation Act 1997, effective August 2023, have provided law enforcement the ability to control crypto immediately once it is discovered. The new powers in this act allowed detectives to seize assets during the investigation, which included recovery phrases — a series of unique words linked to a digital wallet that provide access to stored crypto assets. Using these phrases, Victoria Police accessed six separate wallets containing various cryptocurrencies, per the report.

The specific coins that were seized were not detailed in the police report.

Impact of Legislative Changes on Crypto Asset Seizure

The operation highlights the impact of recent legislative changes aimed at countering digital asset-related crime. Seizures of illicit crypto assets are not new, as global police forces intensify efforts against unlawful usage. However, the recent amendments are part of a broader Australian government response to the increased role of cryptocurrency in illegal activities.

Global Efforts Against Crypto Crime

In October, Binance collaborated with Delhi Police to dismantle a scam linked to a fake entity, “M/s Goldcoat Solar,” which falsely promoted ties to India’s renewable energy sector. The operation resulted in several arrests and the seizure of over $100,000 in a stablecoin.

Around the same time, Hong Kong police dismantled a deepfake crypto romance scam that defrauded individuals of $46 million. The operation led to 27 arrests, including university graduates and alleged triad members, who created fake trading platforms to deceive victims.

For more updates on cryptocurrency news and trends, explore more news on Global Crypto News.

#CryptoLife #CryptoInvestment #DigitalCurrency

Post Views: 2