HomeUncategorizedHow the IRS seized $10B worth of crypto using blockchain analytics By Cointelegraph

How the IRS seized $10B worth of crypto using blockchain analytics By Cointelegraph

May 11, 2023

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Blockchain analysis has been key in helping the United States Internal Revenue Service (IRS) seize an estimated $10 billion worth of cryptocurrency since it began investigating a broad body of crimes involving digital assets.

This was a key point raised by IRS Criminal Investigations (IRS-CI) Chief Jim Lee in a wide-ranging, exclusive interview with Cointelegraph in Amsterdam. Lee was among a variety of delegates from public and private institutions sharing knowledge and insights at blockchain analytics firm Chainalysis’ Links conference held in the Netherlands.

Hacks of prominent exchanges, Decentralized Finance protocols and cross-chain bridges have seen a spike in stolen funds over the past two years. Source: Chainalysis 2023 Crypto Crime Report
Data from Chainalysis’ 2023 Crypto Crime report highlights the increase in the value of money laundering through cryptocurrencies over the past seven years. Source: Chainalysis 2023 Crypto Crime Report