• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
Buy Neo Pepe
No Result
View All Result
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Commerce Department To Release Blockchain Statistics, Says Lutnick
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Commerce Department To Release Blockchain Statistics, Says Lutnick
IRS Crypto NFTs

Why The IRS Sees “Mountains Of Fraud” In Crypto And NFTs

Reynaldo Marquez
by Reynaldo Marquez
3 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

As it grows, the crypto industry and its sectors attract more attention from regulators and political actors. In the United States, this industry seems poised for more hostility from the current administration as it is increasingly compared with illegal activities.

Related Reading | Hacker Exploits OpenSea Bug That Undervalue NFTs To Buy And Flip Bored Apes

Per a recent Bloomberg report, criminal investigators from the U.S. Internal Revenue Service (IRS) are seeing “mountains and mountains of fraud” allegedly related to crypto and non-fungible tokens (NFTs). Illegal activities include tax evasion, money laundering, and market manipulation.

Special Agent Ryan Korner with the IRS’s criminal investigation division of the Los Angeles area made these affirmations on an event from the USC Gould School of Law. Korner referred to these concerns and talked about the recent involvement of high-profile individuals in the crypto space. The federal agent said:

We’re not necessarily out there looking for celebrities, but when they make a blatant or open comment that says ‘Hey, IRS, you should probably come look at me,’ that’s what we do.

Data shared by Bloomberg indicates that the IRS managed to seize around $3.5 billion in cryptocurrencies due to criminal activities in 2021. This number represents 93% of “all the assets seized by the division” in that fiscal year.

Korner claimed the federal agency still left around 80 open cases suspected to have involved crypto. Furthermore, the federal agent revealed there are concerns about people expending exorbitant amounts of money for digital assets, specifically NFTs.

For Korner, these digital assets “don’t seem to have that kind of inherent value” and believes people might be using them as a tool to launder money obtained by illicit means. Amongst the potential illegal sources of these revenues, the federal agent cited drug trafficking and others.

Crypto Is The Future? How The IRS Is Preparing For That Scenario

In addition, Korner expressed concerns over the alleged ease to manipulate the price of crypto by “high-profile investors”. However, the IRS is making an effort to provide their agents with knowledge on cryptocurrencies, NFTs, and the industry in general because, as the agent said, “this space is the future”.

In that sense, the U.S. federal agency is attempting to increase its capacity to share and receive data from other agencies. According to Bloomberg, this includes the U.S. Justice Department, the goal is to “stay ahead of the criminal”.

As reported by Bitcoinist, socialite Kim Kardashian and boxing champion Floyd Mayweather were sued over their alleged involvement with a crypto project accused of operating as a scam. Called EthereumMax (EMAX), its creators have been blamed for creating a “pump-and-dump” scheme.

Related Reading | Elon Musk Makes McDonald’s An Offer They Can’t Refuse. Dogecoin Pumps

As of press time, the crypto total market cap stands at $1.7 trillion with a 3.68% profit in the 4-hour chart.

Crypto IRS NFTs
Crypto total market cap with small gains in the 4-hour chart. Source: Tradingview
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Reynaldo Marquez

Reynaldo Marquez

Follow

As an editor at NewsBTC, Reynaldo is an experienced journalist passionate about all things crypto. Reynaldo has interviewed key industry leaders, and created unique pieces analyzing the promise of crypto as the next frontier for an economic and social transformation of humanity. Since 2018, he has been at the forefront of the industry, closely following every major development and analyzing critical events at the heart of the crypto industry. With a keen eye for detail and an unwavering commitment to excellence, Reynaldo has been instrumental in bringing the latest news and insights to the crypto community. Outside of work, Reynaldo enjoys lifting weights and literature, which he believes gives him a unique perspective into the world of crypto. As an aspiring trader, he is always looking for new opportunities to explore and believes that crypto holds the key to unlocking the future of finance.

Full Profile

Related Posts

starknet-panne-ethereum-redemarrage-apres-arret

Panne Starknet : le L2 d’Ethereum repart après 4h d’arrêt

3 minutes ago
Next Crypto to Explode Live News Today: Timely Insights for Chart Sniffers (September 2)

Next Crypto to Explode Live News Today: Timely Insights for Chart Sniffers (September 2)

34 minutes ago
Bitcoin Hyper ($HYPER) Live News Today: Latest Insights for Bitcoin Maxis (September 2)

Bitcoin Hyper ($HYPER) Live News Today: Latest Insights for Bitcoin Maxis (September 2)

34 minutes ago
Bitcoin Hyper Presale Nears $13.6M Raised as Whales Buy $30K Worth of $HYPER.

Bitcoin Hyper Presale Nears $13.6M Raised as Whales Buy $30K Worth of $HYPER

2 hours ago
Data Shows Bitcoin Could Dip Lower in September, But Bitcoin Hyper Remains a Solid Investment

Data Shows Bitcoin Could Dip Lower in September, But Bitcoin Hyper Remains a Solid Investment

2 hours ago
Crypto news

Crypto Influencers’ Insane Hidden Payouts Exposed By ZachXBT

3 hours ago
Please login to join discussion

Premium Sponsors

Press Releases

  • Bitcoin Hyper

    Предпродажбата на Bitcoin Hyper...

    1 hour ago
  • The Ethereum DeFi’s Return Sets the Normal for Cloud...

    10 hours ago
  • Earn $8,888 per day – OurCryptoMiner helps you turn...

    10 hours ago
  • OPTO Miner

    XRP’s post-holiday rebound is weak, and OPTO Miner...

    15 hours ago
  • XRP retreats under pressure, while DOT Miners generates...

    20 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Buy Neo Pepe

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.