On August 22nd, the Federal Bureau of Investigation (FBI) announced the seizure of an additional $1.7 million in 195 cases involving illegal use of cryptocurrencies across multiple states and jurisdictions.
Among them, the FBI carried out confiscations in at least 39 cases in California, 35 cases in Florida, 25 cases in Texas, 20 cases in New York, and 19 cases in Virginia. The amount of cryptocurrency seized in each case varied widely, ranging from as little as 0.0005 Bitcoin (approximately $11.40) to over 100,000 Tether (valued at $110,572).
The seized cryptocurrency assets included Bitcoin (BTC), Ethereum (ETH), Monero (XMR), Tether (USDT), Cardano (ADA), Polkadot (DOT), Dogecoin (DOGE), and several other tokens.
In addition to cryptocurrency seizures, the FBI also confiscated drugs, cash, weapons, and other contraband. This implicitly suggests that criminals are using cryptocurrency as an alternative payment mechanism.
Notably, according to the FBI’s 2022 Crime Report, complaints about cryptocurrency scams increased by 65% compared to 2021, as the popularity of Bitcoin and other digital assets continues to rise.
It’s worth mentioning that the FBI established a specialized cryptocurrency tracking unit in 2015, allowing agents to monitor cryptocurrency transactions related to drug trafficking, fraud, weapons, extortion, and other criminal activities through the blockchain.
In 2021, FBI Director Christopher Wray stated that monitoring and combating the illicit use of cryptocurrency is a top priority for the agency.
*Seizure is a legal process that allows the government to take ownership of assets related to criminal activities, ensuring that criminals cannot profit from them.