Report: IRS seized $1.2 billion worth of cryptocurrency

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A team of IRS agents said $1.2 billion worth of cryptocurrency has been seized this fiscal year, CNBC reports.

“In fiscal year 2019, we had about $700,000 of crypto forfeitures, in 2020, it was up to $137 million and so far in 2021, we’re up to $1.2 billion,” she explained.

It is reported that the fiscal year runs until September 30.

With the rise of cybercrime – and the number of digital codes growing side by side – government crypto coffers are expected to swell even more.

The US has no plans to step back from its side hustle as a crypto broker, as the process of confiscation and sale of cryptocurrencies is growing so fast that the government has just enlisted the help of the private sector to manage the storage and sales of its hoard of tokens.



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