A man involved in a foiled bid to smuggle $1 billion worth of cocaine into Australia has pleaded guilty on the first day of his trial.

Paul Anthony Masterson admitted in the Western Australian District Court today to possessing the illicit drug with intent to sell or supply it.

Police seized what they said at the time was an Australian record 2.4 tonne cocaine haul bound for Australia in November 2022 off the South American coast.

But the drug traffickers had no idea the shipment, which was linked to a Mexican cartel, had been impounded, and the Australian arm of the smuggling syndicate continued to prepare to receive it.

Officers later duped the group into believing the cargo had arrived off the WA coast, with dummy packaging containing an inert substance dropped about 40 nautical mil

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