Australian Police Busts Over $1 Million In Crypto During Drug Bust

The Australian Police is in the Bitcoin scam news today for their successful drug bust which saw that more than $1 million US dollars (AUD 1.52 million) in cryptocurrency were used by drug dealers.

Aside from seizing illegal substances, the police seized the $1.04 million worth of unspecifed cryptocurrency on an electronic device. As the Detective Senior Sergeant Paul Matthews who was in charge of the bust said:

“Using the latest technologies and digital forensic techniques we thoroughly investigate all possible methods of holding financial assets.”

This cryptocurrency seizure is believed to be the largest ever made by the police in West Australia, according to the Sydney Morning Herald. A search of a property in northern Perth also led to the arrest of a 27-year old man and a 25-year old woman by the Australian police who are now said to be involved in a scheme involving the traffic of MDMA, ecstasy tablets and powder in children’s toys sent from the UK to Australia.

The Australian Police’s report for the 2018-2019 period shows that the seizure of cryptocurrency could prove to generate major returns for the authorities – but is also how the country’s police have developed their IT capabilities and accelerated their procedures to confiscate cryptocurrency from criminals.

In January 2016, a man was charged and convicted with the illegal importation of three firearms for which he paid in Bitcoin (BTC). The cryptocurrency was then worth approximately $7,300 (and has a same value now) was seized at the time of his arrest.

“In November 2018, following protracted negotiations, the man agreed to the forfeiture of the bitcoin. By that time it had increased in value to approximately $154,000,” the report says.

The bitcoins, as the cryptonews show, were subsequently deposited into the Confiscated Assets Account which is managed by the country and its financial regulator – the Australian Financial Security Authority.

This is obviously not the first time Bitcoin is used for selling and distribution of drugs.
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The Australian police prides itself on the latest bust but there are many more to come in other countries too. Criminals and drug dealers see Bitcoin (BTC) as an ideal method to sell drugs through because of its anonymity and no chance of traceability.