US IRS reveals confiscated billions of dollars in crypto this year
The United State Internal Revenue Service (IRS) revealed that they seized a huge amount of crypto assets, which are worth billions, this year.
In the present time, crypto adoption is surging with crypto-related crimes. And with these surging challenges with crypto, all the financial regulators and enforcement departments are doing their best to encounter crypto crimes to provide a better ecosystem for the crypto traders in the United States.
According to the records, U.S. Internal Revenue Service (IRS) seized around $3.5 billion worth of crypto assets so far this year, Criminal Investigation’s Cyber Crime Unit (CI CCU) reported. However, this amount of crypto is based on the price of the time of seizure.
“$3.5B CRYPTOCURRENCY SEIZED, 93% OF ALL CI SEIZURES”
In these seizures, the IRS seized around 100s million in crypto also. And most of the seizures were part of illegal crypto-associated activities.
In November 2020, investigators seized $1 worth of Bitcoin from pseudonym person “Individual X”. It was found that the person was linked with the drug dealing through the silk road connection and also many illicit criminal activities. However, Silk Road creator Ross Ulbricht was detained around 6 years ago and sentenced to prison.
The investigation of the silk road was not easy for the investigators. However, a blockchain analytic firm helped the agency to found the Silk Road.
IRS stated this:
“CCU special agents and personnel used a third-party Bitcoin attribution company to analyze bitcoin transactions executed by Silk Road and were able to identify 54 previously undetected Bitcoin transactions executed by Silk Road, which were the proceeds of unlawful activity, stolen from Silk Road in or about 2012 and 2013”
The whole game was started with a Bitcoin address, investigators found that a Bitcoin address was linked with the illicit activities and also with the “IndividualX ”. And further, they took the action to encounter the whole illegal network game.
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