Australian federal authorities recently revealed that they had seized their largest ever haul of illegally-acquired cryptocurrency. Authorities plan to redistribute the $1.2 million worth of crypto to law enforcement and community safety programs.
Details Of The Operation
Federal police in Australia seized the cryptocurrency from a 23-year old web developer who made $680,000 from a bootlegging operation. Through the scheme, people would get cheap access to Spotify, Netflix, Hulu, and other streaming services. To achieve this, the hacker used leaked or stolen login details.
According to a local report, the suspect’s name is Evan McMahon from the northern beaches in Sydney. He was working with Samuel Joyner, who resides in America. The pair worked together to offer pirate subscription services across four platforms from 2015 to 2019. By the end of their operation, they had attracted at least 152,863 users globally.
The FBI arrested Joyner in the US and charged him with conspiracy to commit computer fraud and access device fraud. He was also charged with trafficking and use of unauthorized access to devices, as well as possession of 15 or more unauthorized access devices. Joyner pleaded not guilty and his case is ongoing in a US District Court in Oregon.
In April 2020, McMahon pleaded guilty to copyright infringement as well as dealing in proceeds of Crime. He was given a discounted sentence of two years and two months that will be served an intensive correction order in his community.
His Crypto Haul
His proceeds of crime had been converted into crypto, which was worth around AUD 460,000 at the time it was seized in June 2020. Due to the meteoric rise of the crypto sector, the haul is now valued at over AUD 1.2 million. Federal police seized the asset after the man pleaded guilty and the NSW Supreme Court issued an order for their forfeiture.
What Leaders Had To Say
Commenting on the seizure, Karen Andrews, the Home Affairs minister commended the AFP for stripping a criminal of his ill-gotten wealth. He also commended the decision to redirect the funds to enhance the safety and security of communities around Australia. The Minister said that he would continue to fund projects and initiatives which make it harder for criminals to prey on Australians by “using proceeds of crime that are seized from criminals themselves.”
The Assistant Commissioner of the AFP, Justine Gough, noted that many criminals believe crypto was safe from law enforcement. She said that the AFP would go after criminally obtained assets relentlessly, in whatever form they existed.
According to Gough, the investigation into McMahon’s activities began after a tip-off from the FBI about WickedGen.com, an account generator site. During the investigation, authorities discovered three more sites – Autoflix, HyperGen, and AccountBot.
To avoid having accounts stolen, people should use long and difficult passwords. They should also use different passwords for different sites, and enable 2FA. Additionally, they can check if their data has been compromised using services like Have I Been Pawned?
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