WASHINGTON—The FBI is aggressively and rapidly escalating efforts to crack down on the illicit usage of cryptocurrencies across a wide range of criminal activities.
For example, a recent FBI forfeiture notice detailed numerous seizures totaling 195 instances of major cryptocurrencies such as Bitcoin and Ethereum across multiple states and jurisdictions, according to CryptoSlate.
“Forfeiture is a legal process allowing the government to remove ownership of property involved in a crime, ensuring criminals cannot profit,” CryptoSlate reported. “The FBI has invoked this process 195 times specifically for virtual currency seizures, demonstrating extensive tracking of cryptocurrencies. These virtual currencies were frequently seized alongside cash, vehicles, weapons, drugs, and other contraband in cases pursued under statutes covering drug proceeds, fraud, money laundering, and more.”
Various Seizures
Specifically, the FBI conducted at least 39 virtual currency seizures in California, 35 in Florida, 25 in Texas, 20 in New York, and 19 in Virginia.
According to the report, the amounts of cryptocurrency seized in each case varied widely, spanning from just 0.0005 Bitcoin worth only $11.40 to over 100,000 Tether valued at $110,572. The total dollar value of the virtual currency seizures in each instance ranged from just a few hundred dollars up to as much as $469,076 per case.
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