The Criminal Assets Confiscation Taskforce (CACT), led by the AFP, announced on May 18 that it had confiscated about 25 Bitcoin, a waterfront property and a Mercedes-Benz car, all worth a combined total of 4.5 million Australian dollars ($2.88 million USD).

The AFP’s investigation into this case began in September 2018, following a tip-off from Luxembourg law enforcement about suspicious Bitcoin transactions linked to the Queensland man, who had a prior conviction for hacking a U.S. gaming company.

Investigators also connected the man to a theft of 950 Bitcoin from a French cryptocurrency exchange in 2013. Despite these links, no criminal charges were filed regarding the Bitcoin theft. However, in April, the AFP succeeded in obtaining a court order to forfeit the property, car, and Bitcoin on the basis that they could not be linked with any “identifiable legitimate earnings.”

AFP has leveraged its “unique powers” under the Proceeds of Crime Act to seize assets suspected to be proceeds of crime, including cybercrime. The profits from selling these assets will be funneled into a special fund dedicated to crime prevention and law enforcement measures. Since July 2019, the CACT has restrained over $1.2 billion in assets, including houses, cars, yachts, cryptocurrencies, and fine art.

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