IRS criminal investigators say cryptocurrencies and nonfungible tokens (NFTs) are ripe for fraud, including money laundering, market manipulation and tax evasion.
As digital assets have increased in popularity, so too are government agencies growingly concerned about fraudulent activity.
IRS investigators seized $3.5 billion worth of cryptocurrencies tied to financial crimes during fiscal year 2021, accounting for 93% of all the assets seized by the criminal investigation division in that time frame.
The IRS is increasing its collaboration with other federal agencies, including the Justice Department, to stay ahead of cybercriminals. Read more.