The Australian Federal Police (AFP) has confirmed that the Supreme Court of New South Wales has ordered the forfeiture of cryptocurrency belonging to a convicted hacker. “The amount of cryptocurrency forfeited, more than $1.2 million, is the largest Commonwealth forfeiture of cryptocurrency,” the AFP said.
‘Largest Commonwealth Forfeiture of Cryptocurrency’
The Australian Federal Police (AFP) announced Friday that a convicted hacker “has been ordered to forfeit more than $1.66 million [Australian dollars] in cryptocurrency and cash to the Commonwealth.”
The 23-year-old Sydney offender pleaded guilty to various criminal offenses in October last year. The AFP-led Criminal Assets Confiscation Taskforce (CACT) “obtained restraining orders over cryptocurrency plus bank and Paypal accounts held in false names, but suspected to be controlled by the man,” the AFP explained.
The Supreme Court of New South Wales ordered the forfeiture of his 1.66 million Australian dollars to the Commonwealth Confiscated Assets Account last week, including more than AU$1.2 million (US$902,276) in cryptocurrency. The AFP detailed:
The amount of cryptocurrency forfeited, more than $1.2 million, is the largest Commonwealth forfeiture of cryptocurrency.
The funds will be redistributed by Minister for Home Affairs Karen Andrews to support crime prevention, law enforcement, and community safety-related initiatives, the announcement describes.