How The U.S. Government Seized 119K Bitcoin, Crypto Easier To Track?
Per a report from the United States Department of Justice, authorities stopped two individuals that allegedly conspired to launder 119,754 Bitcoin (BTC). The funds have been traced back to the 2016 hack on crypto exchange platform Bitfinex. Related Reading | Why Wells Fargo Thinks Bitcoin Its Early, But Not “Too Early” As of press time, […]
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The U.S. Secret Service says the immutable and transparent aspect of the blockchain ledger allows the agency to track transactions made by criminals easier than cash in some cases. A top official from the U.S. Secret Service (USSS) says the agency can track the flow of Bitcoin and other cryptocurrencies in a similar manner to email addresses, and it has seized more than $102 million in crypto across 254 cases since 2015.USSS assistant director of investigations David Smith told CNBC that the transparent and immutable aspect of blockchain ledgers means investigators can trace transactions....
Crypto continues to be a controversial asset when it comes to the law and crime. Just this fiscal year alone, the IRS has seized $1.2 billion worth of cryptocurrency. The U.S. government started seizing crypto assets during the Silk Road shutdown of 2013. And so far since, there has been crypto seized from individuals every year. Often the public is not privy to what happens to seized assets. Once seized, the government has the discretion to dispose or store these assets the way it deems the best. A good amount has been seized by the IRS alone over the years. Assets whose worth run into....
The Bitcoin price experienced significant turbulence as the US and German governments executed transactions involving seized Bitcoin (BTC) holdings, leading to another BTC retracement. According to market intelligence platform Arkham, the US government has transferred nearly 4,000 BTC, originally seized from drug trafficker Banmeet Singh, to Coinbase. Meanwhile, the German government engaged in substantial Bitcoin […]
The U.S. government has seized cryptocurrencies worth $1.2 billion so far this year, according to an Internal Revenue Service director. This is a significant increase from $137 million in crypto seized the previous year. $1.2 Billion in Cryptocurrencies Seized Jarod Koopman, director of cybercrime at the Internal Revenue Service (IRS), shared some information on cryptocurrencies seized by the government with CNBC Wednesday. His division typically handles crypto tracing and open source intelligence, which includes investigating tax evasion, filing false returns, and money laundering. He....
The U.S. government is set to sell crypto that was seized from the BitConnect case in 2018. The scam which had been carried out in the space of a year is the biggest ever in the crypto space, with over $2 billion lost by victims home and abroad. It was one of the most prominent […]