US IRS confiscated $ 3.5 billion worth of cryptocurrencies in a year

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The Internal Revenue Service (IRS) reported that the number of crimes related to cryptocurrency has increased significantly – over the last fiscal year, $ 3.5 billion in digital assets have been confiscated.

According to the IRS report, for the last fiscal year, from October 1, 2020 to September 30, 2021, the agency confiscated $ 3.5 billion in cryptocurrencies, which amounted to 93% of the total seized funds.

Jarod Koopman, acting head of the IRS cybersecurity division, said large seizures of cryptocurrency have become the norm for the agency’s criminal investigations.

“This is a huge amount. Of course, we are seeing a shift in our investigative work. Based on some research, we expect that next year we will exceed this figure, ”he said.

IRS Criminal Investigation Officer Jim Lee agreed with a colleague. In an interview with Bloomberg, he stated that the trend will intensify as the cryptocurrency industry develops in fiscal 2022.

In September, the IRS announced that it was ready to provide funds for the development by TRM Labs of a tool for tracking transactions between blockchains. In the same month, the agency announced that it would provide guidance on reporting cryptocurrency brokers by next year.

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