Australia Police Make 2,000% Profit From Confiscated BTC

Australian authorities made twenty-time profits from BTC seized as a result of the illegal sale of firearms using cryptocurrency.

According to an annual report published by the Australian Federal Police, authorities caught an illegal arms dealer in 2016 and confiscated $ 5,000 BTC from him. The authorities were able to gain control of the cryptocurrency in January 2018, by which time the value of confiscated BTCs had grown more than 20 times.

The report claims that cryptocurrency was deposited into the confiscated assets of the Commonwealth of Nations, which is used to finance the fight against crime. The 2016 arms trafficking case was also the first time that Australian federal authorities have seized BTC. Since then, the number of such cases in the country has increased.

In mid-September, Australian police uncovered
a syndicate that laundered stolen funds through cryptocurrencies. In August, it became known that 15 countries, including Australia, were developing a new system to prevent money laundering through cryptocurrencies. Recall also that at the end of summer against five Australians charges of cryptocurrency fraud in the amount of $ 1.83 million were brought.