Australian Police Seize $4.5M in Assets Linked to 2013 Bitcoin Hack
Australian police seized a beachfront mansion, a Mercedes-Benz car, and Bitcoins worth $4.5 million, suspected of being linked to a 2013 French crypto exchange hack.
Punishment 12 years after the crime
A man from Queensland, Australia, suspected of involvement in a 2013 Bitcoin hack, has forfeited more than $4.5 million worth of assets – including nearly 25 Bitcoins, a beachside mansion, and a Mercedes-Benz – to the Australian Federal Police (AFP).
After years of investigation, authorities identified 32-year-old Shane Stephen Duffy as a suspect in the theft of 950 Bitcoins. In 2016, Duffy was convicted of hacking Riot Games, the U.S. gaming company behind League of Legends, according to The Sydney Morning Herald. He reportedly earned over $32,000 by selling inactive gaming accounts.
The AFP-led Criminal Assets Confiscation Taskforce (CACT) launched an investigation into the crypto heist in September 2018 after detecting suspicious Bitcoin transactions. The trail led to Shane Duffy, and although no criminal charges were filed, authorities were permitted to seize assets believed to have been obtained through illegal activity.
Among the seized luxury items is a waterfront home, purchased in 2018 for $1.1 million and now estimated to be worth around $2 million. The property was held in Duffy’s mother’s name.
The AFP stated that the seized assets and any revenue from their eventual sale will be used for crime prevention and law enforcement purposes.
Related: Fast Money, Fake Riches—How Young Crypto Scammers Burn Out Fast
Australia’s Crime Crackdown: $1.2 Billion in Assets Seized Since 2019
The case of Shane Stephen Duffy is one of the latest examples of authorities catching up with suspected crypto criminals years after the original theft. Similar to past cases like the Bitfinex hack arrests and the Mt. Gox fallout, Duffy's alleged involvement in a 2013 crypto heist only came to light over a decade later.
AFP Commander Jason Kennedy said that profits from criminal activities are often used to fund further crimes, adding that CACT is committed to exposing criminal networks.
Since July 2019, Australian authorities have restrained more than $1.2 billion in criminal assets, including houses, cars, yachts, cryptocurrency, fine art, and luxury goods.
Realted: Crypto Heist 101: How Hackers Steal Millions in Crypto
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