Bitcoin's Pullback Could Be Your Gain

More than 70 cryptos have recently outperformed Bitcoin and it's not the first time. During crypto's last bull market the top 100 coins NOT named Bitcoin went up by 174%. Now the signs show that it's happening again. This could be a chance to strike gold in some far corners of the crypto market.

Australian police infiltrate encrypted messaging app Ghost and arrest dozens

ROD McGUIRK
September 17, 2024

MELBOURNE, Australia (AP) -- Australian police said Wednesday they have infiltrated Ghost, an encrypted global communications app developed for criminals, leading to dozens of arrests.

The app's alleged administrator, Jay Je Yoon Jung, 32, appeared in a Sydney court Wednesday on charges including supporting a criminal organization and benefitting from proceeds of crime.

Jung did not enter pleas or apply to be released on bail. He will remain behind bars until his case returns to court in November.

Australian police arrested 38 suspects in raids across four states in recent days while law enforcement agencies were also making arrests in Canada, Sweden, Ireland and Italy, Australian Federal Police Deputy Commissioner Ian McCartney said.

"We allege hundreds of criminals including Italian organized crime, motorcycle gang members, Middle Eastern organized crime and Korean organized crime have used Ghost in Australia and overseas to import illicit drugs and order killings," McCartney told reporters.

Australian police had prevented 50 people from being killed, kidnapped or seriously hurt by monitoring threats among 125,000 messages and 120 video calls since March, Assistant Commissioner Kirsty Schofield said.

Police allege the Jung developed the app specifically for criminal use in 2017.

Australia joined a Europol-led global taskforce targeting Ghost in 2022.

Col. Florian Manet, who heads France's Home Affairs Ministry National Cyber Command Technical Department, said in a statement issued by Australian police that his officers provided technical resources to the task force over several years that helped decrypt the communications.

McCartney said the French had "provided a foot in the door" for Australian police to decrypt Ghost communications.

Australian police technicians were able to modify software updates regularly pushed out by the administrator, McCartney said.

"In effect, we infected the devices, enabling us to access the content on Australian devices," McCartney said, adding that the alleged administrator lived in his parents' Sydney home and had no police record.

Jung was arrested at his home on Tuesday.

Police say Jung used a network of resellers to offer specialized handsets to criminals around the world.

The modified smartphones sold for 2,350 Australian dollars ($1,590) which included a six-month subscription to Ghost and tech support.

___

This version has corrected the suspect's family name to Jung.

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