IRS Seized $3.5B in Cryptocurrency During Fiscal 2021

Posted on by American Coins & Gold

IRS Seized .5B in Cryptocurrency During Fiscal 2021
The Internal Revenue Service’s (IRS) Criminal Investigation Unit (CI) unit seized $3.5 billion in cryptocurrency during fiscal 2021, which accounted for 93% of its criminal investigation seizures, according to the agency’s annual criminal investigation report published Thursday.The seizures included $1 billion in crypto tied to the darknet market Silk Road. That action is the largest crypto seizure ever by the U.S. government.In an introductory note, CI Chief Jim Lee also highlighted the “first-ever sentencing of a bitcoin case with a tax component.” In November 2020, a former Microsoft software engineer received a nine-year sentence for a scheme using bitcoin and…