In Australia, police have seized $142,000 worth of cryptocurrency assets from a criminal organization involved in drug trafficking. The seizure was possible due to recent legal updates that allow authorities to seize digital devices and obtain recovery documents during house searches. The updated law gives police exclusive control over cryptocurrency wallets and allows them to request relevant documents from centralized exchanges to track transactions.
Since 2018, the Australian government has seized more than $35 million worth of cryptocurrency assets, and a special police unit has been created to analyze blockchain transactions and track financial crimes. Australian regulators are preparing a bill to require cooperation from cryptocurrency exchanges and companies, further strengthening the legal environment for cryptocurrency seizures.
