The Australian Federal Police (AFP) seized $6.4 million in crypto assets from a criminal ring leader behind an encrypted communication platform known as Ghost.

The seizure of the assets followed a successful investigation by the AFP on the criminal group and the Ghost platform which has become a playground for bad actors.

The AFP announced its arrest of Jay Je Yoon Jung, 32 which occurred on September 17 under an operation code named “Kraken”.

Jung was charged with five offences which included supporting a criminal group.

Operation Kraken was the code name for the security and investigative operation that led to arrest of 32-year-old Jung. The AFP confiscated the $6.4 million worth of crypto assets after an analytics specialist within the AFP-led task force decoded the “seed phrase” of alleged accounts.

The Criminal Assets Confiscation Taskforce (CACT), under the AFP now moved the recovered loot to a safe storage.

The AFP acting commander Raven commented on the operation while revealing the length his men would go to uncover illicit financial activities.

“AFP is keen on identifying and restraining “ill-gotten goods such as cryptos.

“The restraint of these assets shows the technical capabilities and powers that the AFP, and our partners through the CACT, are able to bring to bear on organized crime.” Raven said.

The announcements by the AFP revealed what the CACT will do with the confiscated money while also stating that the crypto assets were confiscated under the Common Wealth Proceeds of Crime Act.

“The CACT will seek to have the restrained assets forfeited to the Commonwealth in due course.” 

Operation Kraken is not the first major operation launched by the AFP on crypto related crimes. In August, the AFP launched operation Spincaster in collaboration with blockchain Data firm Chain analysis. The operation was targeted at mitigating losses of crypto assets through Phishing attacks.

The operation revealed that at least 2000 Australian wallets were compromised. The operation hopes to prevent future loss of crypto assets by using a combined strategy of Education, tools and training.

The AFP in its findings acknowledged that cryptocurrency exchanges like BTC Markets, Binance, Crypto.com, Ebonex, Independent Reserve, OKX, SwyftX and Wayex were doing their part to prevent Australians from crypto scams.

The Independent Corrupt Practices and Other Related Offences Commission announced the recovery of N13 billion in misappropriated public funds in September.

ICPC Chairman Dr Musa Aliyu (SAN), who made the news during his welcome address at the unveiling of the ICPC Strategic Action Plan 2024-2028 on Wednesday in Abuja, termed the feat as amazing.

According to him, the impressive haul demonstrates the commission’s unrelenting efforts to tackle corruption and ensure accountability in Nigeria.

“Over the past years, the ICPC has made significant progress in discharging its mandate. For example, we recovered over N13bn diverted public funds in September 2024 alone. This is just one of the many ways we have worked tirelessly to fulfill our mandate.

“We are also embarking on ICT reforms that will digitalise our operations and enable more efficient investigations, case management, and internal processes.

“This transformation will position the commission as a leader in leveraging technology to combat corruption, keeping us one step ahead of criminal activities in the digital age,” he said.

Aliyu stated that the commission was also building a specific curriculum to improve the enforcement capacity of ICPC personnel.

“This initiative equips our officers with the skills and expertise needed to address the complexities of corruption cases with the highest standards of professionalism and efficiency. We are decentralising the anti-corruption efforts by empowering state governments through the mobilisation of state attorneys-general. This approach ensures that state governments are equipped with the tools, knowledge, and resources necessary to effectively combat corruption at the local level,” he said.

The ICPC Chairman remembered the commission’s successful conference with state attorneys-general in September, which was attended by more than 30 state senior law officers.

He stated that in response to the findings of the Third National Corruption Survey, the commission has increased efforts to widen the reach of the anti-corruption campaign by actively engaging individuals, civil society, and the media.

Our planned EthicsPod internet community will play an important role in fostering a culture of transparency and accountability in both public offices and ordinary life across the country.

“These efforts are part of a comprehensive strategy, forming the backbone of our Strategic Action Plan 2024-2028, which builds on our past achievements and charts a clear path for the future,” he said.

“SAP, in line with our ‘CARE for Impact’ initiative (Culture, Accountability, Responsibility, and Efficiency), provided a comprehensive roadmap for achieving our goals over the next five years.

“It aligns with key national policies such as the Nigeria Agenda 2050, the National Anti-Corruption Strategy 2022-2026, and the National Ethics and Integrity Policy, among others.

“As part of this strategy, we will continue to strengthen our institutional integrity and deepen collaborations with other stakeholders,” he said.

The ICPC boss stressed the need to intensify efforts on prevention of corruption and corrupt practices.

“As we know, prevention is better than cure, and the ICPC has intensified efforts to identify institutional and administrative vulnerabilities through System Studies and Corruption Risk Assessments.

“We have also continued to engage with the Anti-Corruption and Transparency Units in ministries, departments, and agencies, reinforcing our grassroots monitoring mechanisms.

“As we look ahead, the success of this strategic plan will rely heavily on synergy, collaboration, and strategic partnerships, and I want to reaffirm the ICPC’s commitment to a multi-agency approach in tackling corruption,” he said.

According to him, the journey required collective sacrifice, discipline, and integrity from all stakeholders.

“Together, we can institutionalise integrity in our systems and mobilise our citizenry to embrace the anti-corruption war,” Aliyu said.

Operatives of the Gombe Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, have arrested 21 (Twenty-One) suspected internet fraudsters in Yola, Adamawa state.

They were arrested on Tuesday, September 24, 2024, at different locations around Modobo Adamawa University, Yola.

Items recovered at the points of arrest include 13 phones, 12 Android phones, one laptop and one tablet phone.

The suspects would soon be charged to court.