The Internal Revenue Service (IRS) has revealed that $ 3.5 billion worth of cryptocurrencies were seized in FY2021. It represents 93% of all funds seized by its criminal investigation unit during the same period The company expects to seize billions more dollars in cryptocurrency next year.
IRS says it could seize more than $ 3.5 billion in cryptocurrency next year
The Criminal Investigation Unit (CI) unit of the Internal Revenue Service, the law enforcement branch of the Tass Authority, released its annual report on the criminal investigation of 2021 on Thursday. IRS Commissioner Chuck Retigg explained that “CI agents are the only federal law enforcement officers who have the power to investigate criminal violations of the US tax code.”
The report details past financial year statistics, partnerships, and significant criminal activity, beginning October 1, 2020, and ending September 30, 2021. Among the major crypto cases highlighted in the report is Darknet’s longest-running Bitcoin money laundering service called Bitcoin Fog.
The 49-page Criminal Investigation Annual Report states that $ 3.5 billion in cryptocurrencies were seized in FY2021. This represents 93% of all CI seizures during this period.
The company has indicated it expects to seize billions of dollars more in cryptocurrency in the next fiscal year. Jim Lee, head of the IRS Criminal Investigation, told reporters in a call on Thursday:
I hope that the trend of crypto seizures will continue as we move forward in FY ’22… as we move forward we will see crypto involvement in many of our crimes.
Jarod Koopman, acting executive director of the IRS cyber and forensic services division, commented that seizing large cryptocurrencies for IRS crime investigations has become the new norm.
He was quoted as saying: “This is a huge, huge number. Of course, we are seeing a change in our investigative work.” Kopman believes the IRS Criminal Investigation Unit could seize more cryptocurrencies in the next fiscal year, noting:
We hope that some will remain in that range, based on some of the investigations we are currently working on which are quite large in size and scope … we will probably keep this statistic at the top next year.
The full report can be found here.
What do you think of the IRS, which is expected to seize billions of dollars in crypto next year? Let us know in the comments section below.
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