The Federal Bureau of Investigation is aggressively and rapidly escalating efforts to crack down on the illicit usage of cryptocurrencies across a wide range of criminal activities. A recent FBI forfeiture notice on August 21st detailed numerous seizures totaling 195 instances of major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) across multiple states and jurisdictions.
Forfeiture is a legal process allowing the government to remove ownership of property involved in a crime, ensuring criminals cannot profit. 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.
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. The varieties of cryptocurrencies included Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Cardano (ADA), Polkadot (DOT), and others, displaying sophisticated tracking across diverse blockchain platforms.
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. The frequent seizure of crypto alongside drugs, cash, weapons, and other contraband signals the integration of cryptocurrency into existing criminal ecosystems as an alternative payment mechanism thought to be anonymous and untraceable.
The FBI formed a dedicated cryptocurrency tracing unit in 2015, enabling agents to follow the flow of crypto tied to drugs, fraud, weapons, extortion, and numerous other offenses through the blockchain. FBI Director…
Click Here to Read the Full Original Article at Ethereum (ETH) News | CryptoSlate…
