Thomas Daniels
In a pioneering move under new seizure powers, Victoria Police have confiscated $142,679.10 in cryptocurrency this year, marking a significant milestone in Australia’s crackdown on crypto-related crime. This first-of-its-kind asset seizure follows updates to the Confiscation Act 1997, enacted in August 2023, granting law enforcement immediate control over digital assets once discovered during investigations.
The legislation now enables Victoria Police to access seized cryptocurrencies directly, using “recovery phrases” associated with digital wallets. Through these phrases, detectives successfully accessed six separate wallets containing various cryptocurrencies, though the specific assets involved were not disclosed in the report.
Global Enforcement Tightens on Crypto-Related Crime
Australia’s enhanced powers are part of a larger international trend toward combatting illicit activities facilitated by digital assets. Seizures of illegal crypto assets are increasing globally as authorities sharpen their focus on the criminal use of cryptocurrency.
In October, Binance collaborated with Delhi Police to dismantle a scam involving the entity “M/s Goldcoat Solar,” which posed as part of India’s renewable energy sector, resulting in several arrests and the seizure of over $100,000 in stablecoin. Around the same time, Hong Kong police tackled a deepfake crypto romance scam that defrauded victims of $46 million, leading to 27 arrests, including university graduates and alleged triad members operating fake trading platforms to deceive users.
Growing International and Local Measures
As cryptocurrency continues to intersect with crime, nations worldwide are strengthening enforcement efforts. Australia’s recent amendments underscore the growing need for legislative alignment with evolving digital crime, with more governments anticipated to follow suit.
