• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • 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
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Breaking News: Breaking: DOJ Takes Down Mt. Gox Hackers For Multi-Million Dollar Crypto Theft
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • 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
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: DOJ Takes Down Mt. Gox Hackers For Multi-Million Dollar Crypto Theft
IRS Crypto NFTs

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

Reynaldo Marquez by Reynaldo Marquez
1 year ago
in Crypto News
0

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
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

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.

Related Posts

Crypto

Crypto.com Shuts Down US Institutional Exchange Amid Regulatory Concerns

30 mins ago
MiCA

EU’s Crypto Law MiCA Receives Publication In Official Journal

1 hour ago
CBDC

Indian Central Bank Aims To Reach 1 Million CBDC Users By The End Of June

6 hours ago
Ripple Vs SEC and Binance, Coinbase

If Ripple Wins This Argument, The SEC Is Screwed Vs. Coinbase And Binance

8 hours ago
Google

Google Bares $1 Million Protection Plan For Crypto Mining Scam Victims

10 hours ago
binance us

Binance US Stops All USD Transfers As SEC Intimidates Bank Partners

13 hours ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Now Trending

  • Whale Power Unleashed: Mooky Emerges as the Rival Meme Coin...

    1 week ago
  • Exploring the Meteoric Rise of Mooky: Could It Be the Next...

    1 week ago
  • Discover the Next Big Thing: Mooky.io Presale Boasting Fair...

    1 week ago

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
K8
K8

Press Releases

  • P2E Gaming Has Been Boring, DigiToads Is Changing All This...

    30 mins ago
  • Wall St Memes is Becoming the No.1 Meme Coin, Presale Nears...

    2 hours ago
  • 3 Reasons Why Arbitrum (ARB), InQubeta (QUBE) and Aave...

    2 hours ago
  • 3 Top Cryptos for a June Bull Run

    4 hours ago
  • AI Investment Goldmine: Discover the 4 Cryptos That Could...

    6 hours ago

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

Bitcoin

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

Altcoins

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

Categories

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

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • 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
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance

© 2023 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.