Crypto Crime Continues To Rise, According To IRS

Cryptocurrency remains a hot topic for cybercrime, with top financial investigators at CI Cybercrime Units relentlessly tracing illicit activities.

In the ever-evolving landscape, cybercriminals employ sophisticated hacks to outwit the law, aiming to steal and launder vast amounts of cryptocurrency.

Crypto Crime Continues To Rise

According to a recent report from the IRS, CI has showcased its prowess in pursuing these criminals. This is shown by the resolution of the Mt. Gox hack and the dismantling of the illicit cryptocurrency exchange, BTC-e.

The investigation into BTC-e revealed proceeds from various cyber intrusions, hacking incidents, ransomware attacks, identity theft, corruption cases, and narcotics distribution rings.

Meanwhile, as digital assets gain traction in the mainstream economy, a surge in digital asset tax investigations has followed.

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However, these probes target unreported income arising from the failure to disclose capital gains from cryptocurrency sales.

Additionally, earnings from mining, and income received in cryptocurrency forms like wages, rent, and gambling winnings.

Crime Investigators ‘Remain Vigilant’

According to the report, CI has observed a growing trend of payment evasion. This is where taxpayers deliberately conceal cryptocurrency ownership to shield their holdings.

As crypto intertwines with traditional financial systems, it notes that CI will continue to remain vigilant.

Furthermore, adapting its strategies to combat the increasingly intricate crypto crime employed by cybercriminals.

The landscape may be challenging, but CI’s track record in navigating complexities, evident in landmark cases like Mt. Gox and BTC-e, demonstrates its commitment to ensuring the security and integrity of the cryptocurrency space.

Learn more: 15 Most Common Crypto Scams To Look Out For