Australian Man’s $2.88M Assets Seized Amid Bitcoin Crime Investigation

Crypto Journalist

Amin Ayan

Crypto Journalist

Amin Ayan

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Amin Ayan is a crypto journalist with over four years of experience in the industry. He has contributed to leading publications such as Cryptonews, Investing.com, 99Bitcoins, and 24/7 Wall St. He has...

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Last updated: 

May 19, 2025

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Australian authorities have confiscated a luxury waterfront mansion, a Mercedes-Benz, and nearly 25 Bitcoin from a Queensland man, citing links to suspected crime related proceeds.

The assets, valued at 4.5 million Australian dollars ($2.88 million), were seized following a court forfeiture order secured by the Australian Federal Police (AFP).

In a statement issued on May 18, the AFP said the action was taken under the Proceeds of Crime Act after the Criminal Assets Confiscation Taskforce (CACT) determined the property could not be tied to any legitimate income.

Bitcoin Trail From Luxembourg Sparks 2018 Investigation

The investigation into Bitcoin crime began in 2018 when law enforcement officials in Luxembourg flagged suspicious transactions.

According to the AFP, these transactions led back to the Queensland resident, who was previously convicted of cybercrime in the United States.

Local reports have identified the man as Shane Stephen Duffy, known for his role in a high-profile hacking and fraud case.

Duffy pleaded guilty in 2016 to selling the personal data of League of Legends players.

While he was not directly involved in the 2011 cyberattack on Riot Games, which exposed the personal details of over five million users, he allegedly obtained the data through online channels and profited from its sale.

Authorities further linked Duffy to a 2013 theft of 950 Bitcoin from a French cryptocurrency exchange.

Although no criminal charges were brought in connection to that case, the AFP argued that the recovered assets, including the Bitcoin, may have stemmed from the incident or other illicit activities.

AFP Commander Jason Kennedy stated that the agency’s mandate includes not only prosecuting cybercrime but also stripping criminals of their gains.

“The profits derived from criminal activities are also often used to fund further criminal acts,” Kennedy said, adding that the funds recovered from such operations are redirected to support community crime prevention and law enforcement efforts.

The seized assets will be liquidated, with the proceeds funneled into a special-purpose fund dedicated to supporting law enforcement and crime deterrence programs across the country.

Since mid-2019, the CACT has restrained over $1.2 billion in assets ranging from luxury homes and vehicles to cryptocurrency and fine art, reflecting a broader crackdown on digital and financial crimes in Australia.

Australia Cracks Down on Inactive Crypto Exchanges

Last month, Australia’s financial intelligence agency said it is stepping up efforts to tighten oversight of crypto exchanges, warning that inactive platforms risk deregistration if they fail to voluntarily withdraw.

At the time, the Australian Transaction Reports and Analysis Centre (AUSTRAC) said many registered digital currency exchange providers appear to have ceased operations but remain listed, potentially exposing the system to criminal exploitation.

AUSTRAC stated it has begun contacting exchanges that no longer seem active, out of the 427 businesses currently registered.

“Businesses registered with AUSTRAC are required to keep their details up to date; this includes details about services that are no longer provided,” the agency said.