The alleged "boss" of a major drug distribution syndicate possessed $5.5 million worth of illicit products and $2.8 million in cryptocurrency when arrested, police have claimed.
Michael Adam Kustic, 39, was denied bail in the ACT Magistrates Court for a second time on Thursday.
He is yet to enter pleas to dozens of charges, including trafficking in a large commercial quantity of a controlled drug, participating in a criminal group, and multiple counts of fraud, supplying anabolic steroids and further drug trafficking.
Kustic and two others were arrested in December, when police claim to have uncovered and "enormously destabilised" the "largest illegal controlled and prescription drug distribution network" in ACT history.
The court heard police seized 68,000 items when they raided several homes. Multiple types of anabolic steroids, Xanax, human growth hormones, cannabis oil, THC and psilocybin are said to have been found.
It's alleged the seized drugs, revealed on Thursday to be worth an estimated $5.5 million, were "targeted towards people in the bodybuilding subculture" and sold on bodybuilding forums.
A police investigator with the territory's drugs and organised crime team said it could take 12-18 months for all the products to be tested in a laboratory.
"They've never had a seizure of this quantity," the acting sergeant told the court.
The officer also said police had found a photo on Kustic's phone that showed a seized Trezor cryptocurrency wallet plugged into a laptop.
An app on the laptop showed a balance of $2.8 million.
Defence barrister James Maher said police fears about his client accessing the millions in cryptocurrency funds if released were purely speculative.
Mr Maher said Kustic was willing to go "off the grid" if released on the condition not to possess any devices that could access cryptocurrency.
Prosecutor Morgan Howe opposed the bail application on several grounds, citing Kustic refusing police access to certain devices.
"It demonstrates non-compliance with what is a very important court order," Mr Howe said.
Police still have not been able to access seized devices, including multiple cryptocurrency wallets.
The drugs seized last year were allegedly sold online by the group, said to be operating under the encrypted message handle "OzPharmLabs", and distributed nationally through Australia Post from the "online pharmacy".
"I can confidently say this is the largest seizure of prescription drugs we've ever had in the territory and also down in Victoria as well," Detective Inspector Mark Steel said at the time about the operation.
Two other men, Thomas Eric Kelleher, 38, and James Peter Martens, 27, were arrested and charged over the matter.
Magistrate James Lawton refused Kustic's bail application but put the police on notice.
"At some point, the court has to say you've been given enough time," Mr Lawton said.
As well as laboratory analysis yet to be done, the court heard investigators still needed to analyse 32 seized devices and surveillance, as well as issue warrants for allegedly fraudulent bank accounts.
Kustic was remanded in custody and is set to face court again next month.
