{"id":98652,"date":"2024-10-31T08:34:27","date_gmt":"2024-10-31T12:34:27","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=98652"},"modified":"2024-10-31T08:36:01","modified_gmt":"2024-10-31T12:36:01","slug":"australian-police-seize-142-6k-in-crypto","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/australian-police-seize-142-6k-in-crypto\/","title":{"rendered":"Australian Police Use New Powers to Seize $142.6K in Crypto"},"content":{"rendered":"\n

Victoria Police's first crypto seizure highlights a new legal framework<\/a> that allows police to confiscate digital assets through search warrants.<\/p>\n\n\n\n

\"Australian<\/figure>\n\n\n\n

Victoria Police in Australia completed its first crypto asset seizure valued at $142,679 after recent legal updates granted law enforcement new authority over digital assets.<\/p>\n\n\n\n

In its 2023\u20132024 annual report \r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>published on Oct. 31, Victoria Police highlighted new \u201cpowers\u201d stemming from the addition of \u201cSECT 92A Seizure of digital asset under search warrant\u201d to the Confiscation Act 1997. Since Aug. 1, 2023, these amendments allow police to confiscate cryptocurrencies linked to criminal activity via search warrants.<\/p>\n\n\n\n

Recovery of Seed Phrases in Drug Bust<\/h2>\n\n\n\n

During a significant drug trafficking investigation, Victoria Police\u2019s Cryptocurrency Operations team obtained a search warrant after finding recovery phrases in seized documents. <\/p>\n\n\n\n

These recovery or \u201cseed phrases\u201d are unique words connected to crypto wallets, enabling access and control over associated assets.<\/p>\n\n\n\n

The report noted Victoria Police\u2019s first successful crypto seizure under the new law, stating:<\/p>\n\n\n\n

\u201cVictoria Police detectives were able to access six wallets and seize $142,679.10 worth of various cryptocurrencies.\u201d<\/p>\n\n\n\n

New Authority for Easier Crypto Seizures<\/h2>\n\n\n\n

Under the updated law, police can seize crypto assets by accessing storage devices, interfering with storage or communication devices, altering or transferring crypto, and conducting transactions that grant exclusive control over assets. <\/p>\n\n\n\n

Additionally, officers can seize property containing crypto or enabling access, such as hardware wallets.<\/p>\n\n\n\n

In September, reports suggested that Australian regulators<\/a> were preparing guidance requiring crypto exchanges to secure financial services licenses. <\/p>\n\n\n\n

Alan Kirkland, a commissioner at the Australian Securities and Investments Commission (ASIC), noted that the Corporations Act covers most major crypto assets, including Bitcoin and Ether, justifying the new licensing requirements.<\/p>\n","protected":false},"excerpt":{"rendered":"

Victoria Police’s first crypto seizure highlights a new legal framework that allows police to confiscate digital assets through search warrants. Victoria Police in Australia completed its first crypto asset seizure valued at $142,679 after recent legal updates granted law enforcement new authority over digital assets. In its 2023\u20132024 annual report published on Oct. 31, Victoria […]<\/p>\n","protected":false},"author":56,"featured_media":98654,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[1390,1436,22641,1502,14490,353],"class_list":["post-98652","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-australia","tag-police","tag-recovery-seed","tag-regulation","tag-seed-phrase","tag-wallet"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/10\/Australian-Police-Use-New-Powers-to-Seize-142.6K-in-Crypto.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/98652","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=98652"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/98652\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/98654"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=98652"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=98652"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=98652"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}