Bloomberg Tax
Free Newsletter Sign Up
Login
BROWSE
Bloomberg Tax
Welcome
Login
Advanced Search Go
Free Newsletter Sign Up

Crypto Seizures Double for IRS Criminal Investigation Unit

Nov. 1, 2022, 5:27 PM

The IRS Criminal Investigation unit seized about $7 billion in cryptocurrency in 2022, double the previous year’s total, an agency official said Tuesday.

Over the past three years, there has been a shift in cryptocurrency inventory, said Jim Lee, IRS Chief of Criminal Investigation, at a conference hosted by the American Institute of CPAs.

Tax-related crypto cases are becoming increasingly common, with half of the cases being money laundering-related and half tax-related, Lee said.

“It’s becoming more mainstream and we are really paying attention to it,” Lee said.

  • The investigations unit identified $32 billion in ...