December 5, 2023

Australia Police Make 2,000% Profit From Confiscated BTC

Australian authorities made twenty-fold profit from BTC seized as a result of illegal salecryptocurrency firearms.

According to the annual report published byAustralian Federal Police authorities caught an illegal firearms dealer in 2016 and confiscated $5,000 worth of BTC from him. Authorities were able to gain control of the cryptocurrency in January 2018, by which time the value of the confiscated BTC had increased more than 20-fold.

The report claims that cryptocurrency wasdeposited in the confiscated assets of the Commonwealth of Nations, which is used to finance the fight against crime. The 2016 arms trafficking case was also the first time that Australian federal authorities have seized BTC. Since then, the number of such cases in the country has increased.

In mid-September the policeAustralia has uncovered a syndicate that laundered stolen funds through cryptocurrencies. In August, it was reported that 15 countries, including Australia, were developing a new system to prevent money laundering through cryptocurrencies. Let us also recall that at the end of the summer, charges were brought against five Australians for cryptocurrency fraud amounting to $1.83 million.