Australian police launch cryptocurrency investigation department

The Australian Federal Police (AFP) has opened a new unit focused on combating cryptocurrency fraud. Stephen Jerga, an officer in charge of digital asset confiscation, claims that the number of cryptocurrency-related crimes has increased significantly, which is why the AFP needed to create a separate department.

Last month, Australian authorities seized millions of dollars worth of illegal cryptocurrency and other assets in Canberra, the country’s capital, alone. In the money laundering case, the AFP was assisted by American colleagues from the Joint Global Tax Authorities (J5). Law enforcement officers managed to confiscate $ 600 million in cryptocurrency. The AFP also confiscated boats, airplanes, and works of art worth $ 35 million.

According to an August survey by the Australian Securities and Investments Commission (ASIC), 44% of Australians surveyed said they owned cryptocurrencies. Of these, 25% said that crypto assets were the only class of investment they had ever invested in. Another 20% of cryptocurrency holders consider deposits in it unsafe, while the rest do not associate digital savings with anything risky.