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Australian Authorities Seize $2.9 Million in Bitcoin, Assets from 2013 Theft

Coin WorldMonday, May 19, 2025 5:46 am ET

1min read

Australian authorities have successfully seized approximately $2.5 million in Bitcoin, along with other assets, in connection with a significant cryptocurrency theft that occurred in 2013. The investigation, led by the Australian Federal Police (AFP), targeted a Queensland man who was linked to the theft of 950 Bitcoin from a French cryptocurrency exchange. The seized assets include nearly 25 Bitcoin, a waterfront mansion, and a Mercedes-Benz sedan, totaling over $2.9 million.

The investigation began in September 2018 after Luxembourg authorities alerted AUSTRAC, Australia’s financial intelligence agency, about suspicious Bitcoin transactions. The man, who has not been officially identified but is believed to be Shane Stephen Duffy, was previously convicted of hacking a U.S. gaming company. Despite the connection to the Bitcoin theft, no criminal charges were filed specifically for this crime. The assets were first restrained in July 2023 and were forfeited in April 2025 after a Queensland District Court approved the seizure.

This case highlights the unique powers of the AFP under the Proceeds of Crime Act, which allows for the seizure of assets suspected to be proceeds of crime, including cybercrime, even without a criminal conviction. This legal framework empowers the Criminal Assets Confiscation Taskforce (CACT) to target suspected illicit gains. The seizure is part of a broader effort by Australian authorities to combat cryptocurrency-related crime. Since mid-2019, the CACT has restrained approximately $770 million worth of suspected criminal assets, including homes, vehicles, luxury goods, and cryptocurrency.

Other recent actions by the CACT include the seizure of $6 million in digital assets related to Ghost, an encrypted communications platform under investigation as part of Operation Kraken in October 2024. The task force also confiscated $500,000 in cryptocurrency tied to firearms trafficking and $330,000 linked to a Gold Coast money laundering ring. Proceeds from the sale of forfeited assets will be transferred to the Commonwealth Confiscated Assets Account, which supports community-focused crime prevention and law enforcement programs.

The AFP’s expanding mandate focuses on disrupting financially motivated crime by targeting the profits derived from criminal activities. This approach aims to prevent criminals from using illicit gains to fund further criminal enterprises. In a separate but related development, Australia’s financial intelligence agency recently fined a crypto exchange for failing to submit suspicious activity reports within required timeframes, underscoring the government's commitment to regulating the cryptocurrency sector and combating financial crimes.

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