With the Assistance of the FBI, Australian Federal Police Seize $1 Million in Cryptocurrency

According to the AFP, “the sum of Bitcoin confiscated was more than $1.2 million, which is the highest Commonwealth forfeiture of cryptocurrency.”

Largest Commonwealth Cryptocurrency Forfeiture

The Australian Federal Police (AFP) stated on Friday that it “has been ordered to forfeit more than $1.66 million [Australian dollars] in cryptocurrency and cash to the Commonwealth.”

In October last year, the 23-year old Sydney offender pled guilty to any criminal charges.

The AFP-led Criminal Assets Confiscation Taskforce (CACT) “obtained restraining orders against cryptocurrencies as well as bank and Paypal accounts kept in fictitious names but alleged to be controlled by the guy," according to the AFP.

Last Thursday, the Supreme Court of New South Wales ruled that his 1.66 million Australian dollars be forfeited to the Commonwealth Confiscated Assets Account, including more than AU$1.2 million (US$902,276) in cryptocurrencies. 

According to the AFP,

The amount of cryptocurrency forfeited, more than $1.2 million, is the largest Commonwealth forfeiture of cryptocurrency.

According to the release, the funds will be reallocated by Minister for Home Affairs Karen Andrews to assist crime prevention, law enforcement, and community safety activities.

The Australian Federal Police Seize $1 Million Cryptocurrency With The Help of the FBI

The Australian guy collaborated with a man in the United States “to acquire the log-ins and passwords of streaming service subscribers and then sell them online at a lower price”, according to the AFP.

The Sydney man’s name, according to accounts is Evan McMahon. 

Samuel Joyner was his collaborator in the United States.

The investigation began in May 2018 when the FBI forwarded the information to the AFP regarding an account generator website that offered stolen account data for online subscription services such as Netflix, Spotify, and Hulu.

Following that, AFP cybercrime agents conducted a warrant at the Sydney man's house, seizing Bitcoin and other evidence. 

In April, he was sentenced to two years and two months in prison.