Billions in Crypto to Be Seized by IRS in 2022, Bloomberg Says

IRS Criminal Investigation Chief Jim Lee shared the crucial accomplishments reached by his unit in 2021 and explained why the next year may be even more "fruitful."

$3.5 billion in crypto seized in fiscal year 2021

According to the article by Bloomberg Crypto, the seized crypto accounts for 95% of all assets seized by the tax enforcement agency in fiscal year 2021.

The IRS could seize cryptocurrency valued at billions of dollars that’s linked to tax fraud and other crimes in the coming year https://t.co/ZwuvNfJLxw

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— Bloomberg Crypto (@crypto) November 26, 2021

Mr. Lee unveiled that out of $3.5 billion seized this year, more than $1 billion belonged to the attackers of now-defunct darknet marketplace Silk Road.

Typically, cryptocurrency is used to cover various dangerous criminal activities such as wire fraud, money laundering, drug trafficking and tax evasion.

Also, the IRS officer mentioned the case of a former Microsoft employee who utilized cryptocurrency to hide $10 million stolen from the company.

Related

Mon, 11/08/2021 - 16:11

Dutch Authorities Seize $29 Million Worth of Crypto

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As covered by U.Today previously, Dutch enforcement bodies seized $29 million worth of crypto as the result of a series of Public Prosecution Service operations.

More visibility for crypto businesses in 2022

According to the official report released by the IRS on Nov. 25, 2021, its Criminal Investigations unit is laser-focused on cryptocurrency training and open-source intelligence practices (OSINT).

To facilitate these efforts, the service is going to launch the Advanced Collaboration & Data Center in Northern Virginia in the next year.

As such, in 2022, the service is going to seize far more impressive amounts of crypto. These plans are aligned with a recent law approved by President Joe Biden who made crypto brokers report the majority of transactions to the IRS.