The IRS seized $ 3,500,000,000 in cryptocurrencies in fiscal year 2021 | MCU Times

The IRS seized $ 3,500,000,000 in cryptocurrencies in fiscal year 2021

The US Internal Revenue Service (IRS) reveals that it confiscated billions of dollars in cryptocurrency during fiscal year 2021.

The IRS says in one report that its Criminal Investigation’s Cyber ​​Crime Unit (CI CCU) seized about $ 3.5 billion in cryptocurrency this year. The amount represented an overwhelming proportion of the total amount of assets confiscated by CI during the same period.

“$ 3.5 billion CRYPTOCURRENCY FITTINGS

93% OF ALL CI ATTACKS ”

Some of the notable cryptocurrency seizures from the IRS involve amounts amounting to up to hundreds of millions of dollars.

In November 2020, more than $ 1 billion in Bitcoin (BTC) linked to the Silk Road online drug marketplace was seized from a Individual X who had hacked the coins from the Silk Road. Silk Road creator Ross Ulbricht was sentenced and sentenced to life in prison six years ago. A blockchain intelligence company made the discovery of Silk Road Bitcoin, which had previously gone undiscovered.

says the tax authorities,

“CCU special agents and staff used a third-party Bitcoin attribution firm to analyze bitcoin transactions performed by Silk Road and were able to identify 54 previously undetected Bitcoin transactions performed by Silk Road, which were the proceeds of illegal activity, stolen from Silk Road in or around 2012 and 2013.

These funds were tracked to a bitcoin address. Further investigation of the Bitcoin address conducted by CCU specialist agents and staff revealed that the funds were linked to Individual X. It was further established that Individual X had hacked the funds from Silk Road.

According to the investigation into the hack, CCU specialty agents seized several thousand Bitcoins on November 3, 2020. On November 4, 2020, the seized Bitcoin had a value of over $ 1 billion. ”

Earlier this year, the CCU removed the dark web’s decade-old Bitcoin money laundering service known as Bitcoin Fog, which is suspected of having moved over 1.2 million Bitcoin worth about $ 335 million at the time of the transactions.

The CCU also successfully investigated a Microsoft employee who used Bitcoin to launder over $ 10 million from the sale of the technology giant’s stolen gift card.

Bitcoin is currently trading at $ 57,580.

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