United States

IRS says it seized $3.5 bln in crypto this year

14:15, 20 November 2021
IRS says it seized $3.5 bln in crypto this year Photo: pixabay.com

The International Revenue Service which is responsible for collection taxes has presented new data which said that almost all of the money seized by its Criminal Investigation unit was in the form of cryptocurrency.

The sum of the seized money accounts to $3.5 billion which was seized from the period starting from first of October 2020 till the 30th of September 2021.

Around $16 million came from the crackdown on the Silk Road black market.

Another $10 million came from the case involving Vlodymyr Kvashuk who is a former Microsoft worker who is spending 9 years in prison for stealing gift cards for himself.

“It’s a huge, huge number. Certainly we’re seeing a shift in our investigative work,” the acting executive director of the agency’s Cyber and Forensic Services division Jarod Koopman said in a statement.

“We do expect that to stay somewhat in that range, based off of some investigations we’re currently working on that are pretty large in size and scope. We might be topping that figure next year,” he added.

Cryptocurrencies and Bitcoin in particular has gradually changed its image from an asset which was used to pay for illegal services on the dark web to a serious investment which is being viewed even by world’s top investment firms.