Saturday, May 21, 2022

IRS Confiscates $1.2 Billion Of Cryptocurrency In 2021

The United States Internal Revenue Service (IRS) has confiscated a total of $1.2 billion worth of cryptocurrencies, which have been used in illegal activities, in 2021, according to a report by CNBC.

During an interview with the news outlet, Jarod Koopman, the director of IRS’ cybercrime unit, said that compared to the year 2020, when it seized $137 million, the amount confiscated by IRS is 10x higher.

He further mentioned, “In fiscal year 2019, we had about $700,000 worth of crypto seizures. In 2020, it was up to $137 million. And so far in 2021, we’re at $1.2 billion.” 

It has been reported that the cryptocurrencies confiscated by the US Government in the past, are being auctioned, globally. 

Many agencies in the country, including IRS, are diverting a lot of resources towards crypto. 

In the past, the agency has worked with different companies to supervise the crypto market, offering Chainalysis a $625,000 grant to break the privacy-preserving transactions of Monero.

In order to deal with the crypto market, it also asked the government to offer a $32 million budget.

In recent years, cybercrimes have become a hot topic around the world. Almost every industry, at one point, has become a victim of cybercrime, not even the crypto industry has remained untouched. However, several authorities around the world have attempted to clamp down on the use of digital assets for illegal activities.

According to the report, the Colonial Pipeline infrastructure attack is considered to be the most notorious attack of this year. 

Being decentralized in nature, it is hard to regulate cryptocurrency, however, the authorities are still struggling to find out a way for it. 

Many governmental agencies around the world are working hard to impose effective measures on the crypto industry.

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