In brief
- Over $2.9 million in assets were forfeited by a Queensland man with alleged links to crypto theft and hacking.
- The case is tied to the 2013 theft of 950 BTC from a French exchange.
- Australian law enforcement have restrained $770 million in suspected criminal assets since 2019.
A Queensland man has forfeited over $2.9 million worth of assets, including a waterfront mansion, a Mercedes-Benz sedan, and nearly 25 BTC, valued at $2.6 million, following a court order.
The probe was launched after AUSTRAC, Australia’s financial intelligence agency, received a tip-off from authorities in Luxembourg about suspicious Bitcoin movements tied to the Queensland resident.
When asked how it had calculated the value of the seized assets—most of which were in Bitcoin—the AFP told Decrypt: “The value of the Bitcoin was determined some time ago when it was sold, so it may have appreciated since.”
“That likely accounts for the discrepancy in the figures,” it said.
Though he has not been identified, police said in a statement that the man had previously been convicted of hacking a U.S. gaming company.
Investigators later linked him to the 2013 theft of 950 Bitcoin from an unnamed French crypto exchange.
No charges were filed, but Australia’s proceeds of crime laws permit the seizure of assets believed to be connected to criminal activity, even in the absence of a conviction.
The confiscation stems from an investigation by the Australian Federal Police’s Criminal Assets Confiscation Taskforce (CACT), which has been probing historic crypto theft and cyber hacking offences since 2018.
Since mid-2019, CACT has restrained some $770 million worth of suspected criminal assets, including homes, yachts, cars, luxury goods, fine art, and crypto, as part of its expanding mandate to disrupt financially motivated crime.
The Beachmere home, luxury vehicle, and Bitcoin were first restrained in July 2023 after authorities deemed them disproportionate to the man’s known income. A Queensland District Court approved their forfeiture in April 2025.
Proceeds from their sale will be transferred to the Commonwealth Confiscated Assets Account and later used to fund community-focused crime prevention and law enforcement programs.
Past CACT actions have also involved the seizure of crypto. In October 2024, the task force restrained $6 million in digital assets in a case tied to Ghost, an encrypted communications platform under investigation as part of Operation Kraken.
It also seized $500,000 in crypto tied to firearms trafficking and $330,000 linked to a Gold Coast money laundering ring.
Edited by Sebastian Sinclair
Editor’s note: Adds response from AFP
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