The Victoria Police has confiscated cryptocurrency worth $142,679 for the first time using new digital asset seizure powers 💰

The Victoria Police in Australia has confiscated cryptocurrency worth $142,679 for the first time following a legal update allowing the seizure of digital assets through a search warrant.

Since August 1, 2023, changes to the Confiscation Act have enabled the police to access suspects' cryptocurrency wallets. During a recent drug trafficking investigation, the police discovered recovery phrases for crypto wallets and accessed six wallets, seizing the funds.