RATE Group | Seized cryptocurrency makes a pretty penny for AFP – Finance – Security – Storage
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Seized cryptocurrency makes a pretty penny for AFP – Finance – Security – Storage

22 Oct Seized cryptocurrency makes a pretty penny for AFP – Finance – Security – Storage

Posted at 21:00h in Cryptocurrency News by

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The use of Bitcoin and cryptocurrencies by criminals trying to evade detection by police hunting for illegally gained assets has turned into a financial bonanza for the Australian Federal Police.

With confiscated coins recently ringing up big profits on the back of soaring prices, the national crime fighter (and occasional media regulator) has revealed its first foray into seizing cryptocurrency as proceeds of crime generated a whopping twenty-fold profit thanks to volatility.

The story of the stunning returns started in 2016 when the AFP lifted, charged and subsequently convicted a gun runner for illegally importing firearms that were paid for in Bitcoin “which was seized at the time of the man’s arrest” according the AFP’s latest annual report.

But with the wheels of justice taking time to turn, it took until January 2018 before “members of the Criminal Assets Confiscation Taskforce and Criminal Assets Litigation teams in Brisbane successfully…

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