IRS Seize Over $3.5 Bln's Of Dollars In Cryptocurrency Till Date In 2021.

IRS Seize Over $3.5 Bln's Of Dollars In Cryptocurrency Till Date In 2021.

2021-11-23 | Mike Hallen

IRS Seize Over $3.5 Bln's Of Dollars In Cryptocurrency Till Date In 2021.

During the fiscal year 2021, the IRS (Internal Revenue Service) seized $3.5 billion in cryptocurrency. This amounts to 93 percent of all cash confiscated by the company's criminal investigative team in the same time period. Next year, the government hopes to seize billions of dollars in bitcoin. The IRS says it might seize more than $3.5 billion in cryptocurrency next year. The tax authority's law enforcement division, the Internal Revenue Service's Criminal Investigation (CI) section, issued the 2021 Criminal Investigation Annual Report on Thursday. "CI agents are the only federal law enforcement personnel with the ability to investigate criminal breaches of the United States tax laws," said IRS Commissioner Chuck Rettig. For the fiscal year that started Oct. 1, 2020, and concluded Sept. 30, 2021, the report contains IRS-CI data, collaborations, and notable criminal enforcement actions. "The longest-running bitcoin money-laundering business on the darknet, called Bitcoin Fog," is one of many prominent crypto incidents detailed in the paper. During the fiscal year 2021, according to the 49-page Criminal Investigation Annual Report, $3.5 billion in bitcoin was confiscated. Large cryptocurrency seizures have become the new normal for IRS criminal investigations, according to Jarod Koopman, acting executive director of the IRS Cyber and Forensic Services division. According to reports, he stated, "It's a massive, huge quantity... We've seen a change in our investigative work." According to Koopman, the IRS Criminal Investigation team might take even more bitcoin in the 2019 fiscal year: We do expect that to stay somewhere in that area, based on certain investigations we're now working on that are fairly substantial in size and breadth... Next year, we may surpass that amount.

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