Crypto

Australian Police Seizes Over AU$1.5m in Cryptocurrencies From Drug-dealing Couple

Criminals continue to use cryptocurrencies to mask them activities. Despite the lack of privacy and anonymity, it seems unlikely that this trend will come to an end soon.

In Australia, two culprits were apprehended this week for selling various types of drugs.

Two More Criminals Use Bitcoin and get Caught

The Perth couple is suspected of dealing in MDMA and ecstasy tablets hidden in toy painting kits.

Australian Border Force officials discovered these strange packets several months ago. 

These packages are shipped from the UK, indicating the couple was buying the drugs to resell them domestically. 

Once police were alerted, they conducted an official investigation, eventually leading to the arrest of these two people.

During the raid on their home, the police also confiscated over AU$1.5m in cryptocurrencies. 

Related Post

Which currencies are included in this seizure, has not been officially communicated at this point.

It is the biggest cryptocurrency seizure related to criminal offenses in Australia to date.

The WA Police Force also seized physical property and bank accounts, combined for another few million Australian Dollars.

It is unclear what will happen to the seized cryptocurrencies in the future.

In most cases, such obtained balances would be auctioned off to the highest bidder in the months to follow.

This is another crucial example as to why cryptocurrencies cannot be used to mask criminal activities. 

Sooner or later, police officials will come knocking and seize one’s assets in the process. 

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

MakerDAO’s $MKR Faces Decline As Whales Make Moves

MakerDAO's native token $MKR has experienced a 4% decline in the past 24 hours and…

18 hours ago

BEFE Coin’s Price Projections: Optimizing Investment Returns

The Cryptocurrency market has been really active since the beginning of 2024 and many new…

19 hours ago

Will Bitgert Coin’s Price Rocket After Bitcoin Halving? Experts Weigh In

BTC halving is usually a perfect opportunity to know the quality of any crypto project.…

19 hours ago

Polkadot to $22.94, Polyhedra Network and Renzo partnership,  BlockDAG’s 1000x crypto revolution!

BlockDAG Presale Attracts $19M, Polkadot Set For Price Surge As Polyhedra And Renzo Join Forces!…

2 days ago

Battle of the NFT Platforms: New Crypto Raboo Offers More Potential Than Render and Internet Computer

In the rapidly evolving world of NFT platforms, new crypto sensation Raboo sparks a heated…

2 days ago

Algotech Races Ahead of Celestia, Litecoin, & Filecoin with Record-Breaking Presale Results

The winds of change are swirling through the DeFi landscape. While established players like Celestia,…

2 days ago