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IRS Sees Crypto Seizures Worth Billions of Dollars Next Year

  • Tax agents seized $3.5 billion in the past fiscal year
  • Infrastructure law gives IRS more sight into crypto trading
Photographer: Paul Yeung/Bloomberg
Updated on

The Internal Revenue Service could seize cryptocurrency valued at billions of dollars that’s linked to tax fraud and other crimes in the coming year, according to the agency’s head of criminal investigations. 

The IRS seized $3.5 billion worth of cryptocurrencies during fiscal year 2021, a figure that accounted for 93% of all the assets seized by tax enforcement that year, according to an IRS criminal investigation annual report published Thursday.