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The Internal Revenue Service (IRS) revealed that it confiscated $3.5 billion in cryptocurrency in fiscal 2021. This accounted for 93% of all funds confiscated by its criminal investigation department during the same period. The agency expects to confiscate billions of dollars in cryptocurrency next year.
The U.S. Internal Revenue Service says it may confiscate more than 3.5 billion U.S. dollars of cryptocurrency next year
The Criminal Investigation (CI) branch of the Internal Revenue Service, the law enforcement branch of the Tax Bureau, released the 2021 Criminal Investigation Annual Report on Thursday. US Internal Revenue Service Commissioner Chuck Rettig (Chuck Rettig) explained: “CI agents are the only federal law enforcement officers authorized to investigate criminal acts that violate the US tax laws.”
The report details IRS-CI’s statistics, partnerships, and major criminal enforcement actions for the previous fiscal year from October 1, 2020 to September 30, 2021.The longest-running Bitcoin money laundering service on the dark web is called Bitcoin fog. “
The 49-page annual criminal investigation report stated that $3.5 billion in cryptocurrency was seized in fiscal 2021. This accounted for 93% of all CI seizures during the period.
The agency stated that it expects to seize billions of dollars in cryptocurrency in the next fiscal year.Director of Criminal Investigation of the Internal Revenue Service Jim Lee Said In the phone call with reporters on Thursday:
I expect that as we enter fiscal year 22, the trend of cryptocurrency seizures will continue…As we move forward, we see that cryptocurrencies involve many of our crimes.
Jarod Koopman, acting executive director of the U.S. Internal Revenue Service’s Network and Forensic Services Division, said, Comment A large number of cryptocurrency seizures have become the new normal in IRS criminal investigations.
To quote him: This is a huge number…Of course, our investigative work is changing. Koopman believes that the Criminal Investigation Department of the US Internal Revenue Service may seize more cryptocurrencies in the next fiscal year, noting that:
Based on some of our ongoing surveys of considerable scale and scope, we do hope that this will remain within this range… we may exceed this number next year.
The full report can be found here.
How do you think the IRS expects to confiscate billions of dollars in cryptocurrency next year? Please let us know in the comments section below.
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