In short
- Over $2.9 million in belongings had been forfeited by a Queensland man with alleged hyperlinks to crypto theft and hacking.
- The case is tied to the 2013 theft of 950 BTC from a French alternate.
- Australian legislation enforcement have restrained $770 million in suspected legal belongings since 2019.
A Queensland man has forfeited over $2.9 million price of belongings, together with a waterfront mansion, a Mercedes-Benz sedan, and practically 25 BTC, valued at $2.6 million, following a court docket order.
The probe was launched after AUSTRAC, Australia’s monetary intelligence company, obtained a tip-off from authorities in Luxembourg about suspicious Bitcoin actions tied to the Queensland resident.
The AFP didn’t instantly reply to Decrypt’s request for clarification on the estimated worth of forfeited belongings.
Although he has not been recognized, police stated in an announcement that the person had beforehand been convicted of hacking a U.S. gaming firm.
Investigators later linked him to the 2013 theft of 950 Bitcoin from an unnamed French crypto alternate.
No fees had been filed, however Australia’s proceeds of crime legal guidelines allow the seizure of belongings believed to be related to legal exercise, even within the absence of a conviction.
The confiscation stems from an investigation by the Australian Federal Police’s Prison Belongings Confiscation Taskforce (CACT), which has been probing historic crypto theft and cyber hacking offences since 2018.
Since mid-2019, CACT has restrained some $770 million price of suspected legal belongings, together with properties, yachts, automobiles, luxurious items, high quality artwork, and crypto, as a part of its increasing mandate to disrupt financially motivated crime.
The Beachmere dwelling, luxurious car, and Bitcoin had been first restrained in July 2023 after authorities deemed them disproportionate to the person’s identified earnings. A Queensland District Courtroom permitted their forfeiture in April 2025.
Proceeds from their sale can be transferred to the Commonwealth Confiscated Belongings Account and later used to fund community-focused crime prevention and legislation enforcement applications.
Previous CACT actions have additionally concerned the seizure of crypto. In October 2024, the duty power restrained $6 million in digital belongings in a case tied to Ghost, an encrypted communications platform below investigation as a part of Operation Kraken.
It additionally seized $500,000 in crypto tied to firearms trafficking and $330,000 linked to a Gold Coast cash laundering ring.
Edited by Sebastian Sinclair
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