Report Shows FBI’s Crypto Bag Grew Significantly In 4 Months

Despite the decentralized nature of cryptocurrencies, authorities have in the past made several seizures of cryptocurrencies. This time around, a recent filing by the Federal Bureau of Investigation (FBI) revealed that the agency confiscated close to $1.7 million worth of crypto between March and July this year. 

Ethereum Accounts For Most Crypto Seizures

Ethereum, the second largest cryptocurrency by market cap, accounted for the most crypto seizures, the filing showed. The FBI seized $800,000 worth of Ether, as well as Bitcoin ($147,000), Tether’s USDT ($307,000), Monero ($20,000), DAI ($469,000), SOL ($959), BNB ($423), and DOGE ($200).

According to the agency, these seizures are for federal forfeiture for violating certain federal laws. States like Florida and Virginia accounted for the most confiscated crypto assets. The FBI, however, also confiscated assets from other states, including New York, Missouri, North Carolina, Michigan, New Jersey, Louisiana, Georgia, California, Arizona, Ohio, Oklahoma, Pennsylvania, and Illinois. 

The FBI notably confiscated 428.5 ETH from the Eastern District of Virginia. This figure accounts for the most seizure made by the agency so far. Close to $463,000 worth of Ether was seized from a particular source in the state. 

Meanwhile, Monero’s (XMR) mention won’t surprise many, considering that the token’s privacy features have long been seen as an allure for many users, including those looking to carry out illicit activities. The token has been known to be used in illicit activities like money laundering, cryptojacking, and other organized crime. 

Total market cap rises to $1.036 trillion | Source: Crypto Total Market Cap on Tradingview.com

As highlighted in the filing, the crypto assets were confiscated from various sources. However, a huge chunk of these seizures came from several accounts in the world’s largest crypto exchange Binance. 

Cryptocurrencies weren’t the only assets seized as the FBI also made seizures from bank accounts that held fiat currencies. Cars and luxury items also formed a lot of items that the agency also seized.

FBI More Vigilant

The law enforcement agency has become more conscious of the criminal activities going on in the crypto industry and it has continued to take steps to prevent and clamp down on illicit activities in the space. 

In 2022, it launched a crypto-focused unit to monitor activities in the space following notable seizures related to the Colonial Pipeline and Bitfinex hacks. 

As part of its efforts to curb crypto scams, the FBI recently warned about the rise in fraudulent job advertisements from Southeast Asia. According to the agency, victims of this scam are coerced into participating in their fraudulent crypto investment operations. 

Featured image from Unsplash, chart from Tradingview.com