• 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
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin 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 Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • 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
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin 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 Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
IRS Crypto NFTs
Nexo

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

Reynaldo Marquez by Reynaldo Marquez
4 months 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

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

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.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

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

Related Posts

US Justice

US Justice Department Executes First Criminal Crypto Charge

3 hours ago
DAO

DAO For Abortion, Anyone?

8 hours ago
Goldman

Goldman Sachs And Barclays’ Investment In Elwood Tech A Major Triumph For Crypto Adoption

1 day ago
crypto

Crypto Regulators From 5 Countries Identify A Potential $1 Billion Ponzi Scheme

2 days ago
Kraken

Kraken CEO Shuts Down San Francisco Headquarters – Here’s Why

2 days ago
Stablecoins

Stablecoins Receive Queen’s Blessings As UK Braces For Landmark Crypto Legislation

2 days 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
  • Crypto Prices from Nomics
© 2022 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
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin 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 Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 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.