Australian cybercrime detectives seized 52 Bitcoin worth about A$5.7 million, equivalent to roughly $4.1 million, during an investigation into an alleged darknet marketplace operating from Sydney, authorities said.

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Police described the case as one of Australia’s largest cryptocurrency seizures linked to darknet activity. The operation follows another major seizure in 2021, when Victoria Police confiscated digital assets valued at A$6.2 million from a separate alleged darknet investigation.

Sydney Darknet Probe Seizes Bitcoin

The latest seizure followed a 15-month investigation led by Strike Force Andalusia, a unit within the New South Wales Police Force’s State Crime Command Cyber Crime Squad. Investigators said the operation focused on alleged criminal activity involving cryptocurrency transactions on the darknet.

Detectives later executed a search warrant at a property in Ingleburn, southwest Sydney. During the raid, officers seized electronic devices and identified 52.3 Bitcoin that police allege were linked to illegal darknet activity.

Authorities said two men, aged 41 and 39, allegedly had access to the digital wallet connected to the funds. Both are expected to face court proceedings later this year.

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Detective Superintendent Matt Craft said the seizure was “one of the biggest cryptocurrency seizures in the nation’s history.” He added that the investigation showed “criminal activity on the darknet is not anonymous.”

Craft also said darknet marketplaces remain “a key enabler of serious criminal activity.”

Meanwhile, Australian authorities continue to tighten oversight of the cryptocurrency sector. Earlier this year, the Australian Transaction Reports and Analysis Centre, or AUSTRAC, said it was investigating more than 50 remittance and digital asset providers over alleged reporting failures and weaknesses in suspicious transaction monitoring.

This article was written by Tareq Sikder at www.financemagnates.com.TrendingRead More

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