IRS Seized $3.5 Billion in Crypto in 2020, According to New Crime Report

In a new report from the U.S. Internal Revenue Service (IRS) issued last Thursday, the tax collection agency highlighted in the 49-page document that in 2020 it seized more than $3.5 billion worth of cryptocurrencies. It focuses on internet-based technologies that enable criminals to engage in illegal activities without a single physical location, and with a degree of pseudonymity -- which sounds a lot like some of the attributes of cryptocurrencies. This includes crimes like tax fraud, drug trafficking, money laundering, and wire fraud -- comprising most of the $3.5 billion confiscated last year.