Australian Police Seize IDR 235 Billion In Crypto From Drug Dealers. Police in South Australia recently confiscated cryptocurrency worth USD 1.5 million or the equivalent of IDR 23.5 billion (assuming an exchange rate of IDR 15,706 per US dollar) from a suspected drug dealer on the dark web.
Law enforcement also seized a large amount of drugs and electronic devices from an unnamed 25-year-old man.
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South Australian Detective Inspector Adam Rice said the investigation identified illicit activity on dark web marketplaces, linking the activity to real-life people in South Australia.
“Identified and tracked the cryptocurrency used in the breach, and ultimately led to a successful search and seizure operation,” said Rice, quoted from Bitcoin.com, Monday (16/10/2023).
Among some of the drugs seized in the raid on a residence and two storage units was a synthetic opioid known as nitazene.
Authorities in the state fear the drug, which is highly toxic and has never been approved for human consumption, could be linked to two overdoses that left one person dead.
Meanwhile, the report also revealed law enforcement officers also found tens of thousands in cash when they raided a location in the Adelaide Hills.
Previously it was reported, Police in Canada revealed that they had carried out an investigation using blockchain monitoring software Chainalysis Reactor to eradicate crypto crime.
The police discussed the situation with Sergeant Kevin Talbot of the Lethbridge Police Service (LPS) Economic Crimes Unit. Talbot has been trained in blockchain analysis, which is considered a significant advance for a smaller force like LPS.
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The report notes the technology allows LPS to trace transactions, identify suspects, and determine where funds have been deposited, although prosecuting fraudsters remains a challenge.
Talbot revealed it allows police to write production orders to gather information about account holders.
Australian Police Seize IDR 235 Billion In Crypto From Drug Dealers. “We will get to the point where we have transaction data but we can’t track it because it requires special programming to do these things and training. In Canada, we are making progress,” said Talbot, quoted from Bitcoin.com, Monday (21 /8/2023).
Talbot added that he would use the Chain Reactor program to trace the exchange. The information is then shared with investigators who will then write production orders to obtain information about the account holder, whether there are funds in the account and where the funds have been transferred.
“The focus when we carried out this investigation was twofold. “We want to prosecute someone but often even though the individuals involved are overseas which makes it a little more difficult to prosecute, but there’s not always an opportunity where they’re local or at least in North America,” he concluded.
As previously reported, South Korea is taking steps to address the increase in criminal activity related to crypto by launching a special investigation unit.
This multi-agency joint virtual asset crime investigation unit aims to protect investors’ interests while the country awaits comprehensive regulations for the industry.
The unit, operating from the Seoul Southern District Prosecutor’s Office, will consist of 30 investigators drawn from several government agencies and agencies, including the prosecutor’s office, the Financial Supervision Service, the National Tax Service, and the South Korean Customs Service.
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“Virtual assets, with more than 6 million participants, have become an investment product comparable to shares, but the laws and systems are not yet complete, so market players are practically left behind. from legal protection,” said the Prosecutor’s Office in a statement, quoted from Yahoo Finance, Saturday (29/7/2023).
The Prosecutor’s Office added that it will take an active role in protecting investors in the crypto market until appropriate regulations are implemented. One of its goals is to streamline investigative procedures for crypto-related criminal cases, from detection to analysis.
This fast-track approach will allow handling such cases more efficiently and contribute to curbing illicit activities in the cryptocurrency space.
The main focus areas for investigations will target cryptocurrencies that exhibit high price volatility or are subject to de-listing. The new unit will also be tasked with investigating and combating various illegal trading practices, such as market manipulation or insider trading, that can exploit the volatile nature of certain cryptocurrencies.
The investigation team will also investigate cases of tax evasion related to crypto transactions, unauthorized foreign exchange transfers, and any attempts to hide criminal profits.
Australian Police Seize IDR 235 Billion In Crypto From Drug Dealers. In addition, they actively target money laundering cases, as cryptocurrency has the potential to be used to obscure the origins of illegal funds.
