Federal Bureau of Investigation Seizes Close to $2 Million of Crypto Assets less than 3 Months

When the Federal Bureau of Investigation (FBI) makes confiscations, it is usually because someone broke the law. In some cases, it can be cybercriminals or corrupt/illegal organizations. The FBI made some crypto seizures close to reaching up to $2 million in total worth. Apparently, these confiscations were in cryptocurrencies. Furthermore, tokens like Bitcoin, Ethereum, DAI, Monero, and Tether appear on the list of confiscations. 

Federal Bureau of Investigation Seizes Millions of Crypto Assets 

• According to a new filing from the Federal Bureau of Investigation, the organization made a series of confiscations of crypto assets. Within a period of 3 months between March and May, the law enforcement agency seized many crypto assets. Apparently, among the seized assets are Bitcoin and Ethereum. 
• Getting into more details, the agency confiscated $20,000 in Monero, 469,000 in DAI, $307,000 in Tether, $800,000 in Ether, and finally, $147,000 in Bitcoin. However, Binance wallet addresses were the abode of the majority of these crypto assets. Furthermore, this raises concerns about whether Binance appropriately does its KYC before allowing customers to use their services. 
• Going into the locations, the agency confiscated 428.5 ETH in the Eastern District of Virginia. For the record, this is the largest confiscation in Ethereum the Federal Bureau of Investigation did within this period. In another case, the agency managed to do a whopping $463,000 in seizures. 

Why is the Federal Bureau of Investigation Confiscating Cryptos? 

FBI

• The FBI laid down their reasons for confiscating cryptocurrencies in their possession. Apparently, the agency says the majority of the confiscations they did were a result of various breaches in federal regulations. “The Federal Bureau of Investigation (FBI) gives notice that the property listed below was seized for federal forfeiture for violation of federal law,” wrote in relation to the filing. 
• In the filing, the FBI also noted that cryptocurrencies weren’t the only thing they confiscated from their suspects or victims. Furthermore, many millions of dollars in the US Bank accounts, sports cars, and many other assets are part of the confiscation. 

FBI Tells People to Be Conscious of The Crypto Industry 

• This is not the first time the FBI warns people to be wary of what happens in the crypto industry. Apparently, the agency continues to sound this warning to let people know of scams going on in crypto. 
• Previously, the agency warned people of an ongoing method of scamming on Aug. 6. They pointed out how many cyber criminals create a sense of urgency to scam unsuspecting internet users. Earlier this year, the FBI warned people of fake job advertisements, which usually became scams. 

Conclusion 

From March to May 2023, the FBI made several seizures amounting to millions of dollars. Part of the confiscations were cryptocurrencies, amounting to about $1.7 million. Moreover, among the confiscated cryptocurrencies are DAI, Bitcoin, Monero, Ethereum, and Tether.