FBI Seized Nearly $2M Worth in Crypto in 3 Months

A new report from the US FBI reveals it confiscated almost $2 million in cryptocurrencies between March and May 2023. 

In its latest filing, the Federal Bureau of Investigations (FBI) revealed it seized about $1.7 million in cryptocurrencies from March to May. In an effort to combat illicit activities, the FBI seized crypto assets, including Bitcoin, Ether, Tether, Monero and Dai. 

The agency reported that most of the confiscations were in ether, with tokens to the value of $800,000 seized. Around $147,000 in Bitcoin (BTC), $307,000 in Tether (USDT), 469,000 in Dai (DAI), and $20,000 in Monero (XMR) were seized. The FBI even managed to seize $200 worth of Dogecoin (DOGE).

According to the FBI, the majority of seizures were from Binance accounts. The largest confiscation took place in the Eastern District of Virginia in the form of $463,811 in ether. The agency said most of the seizures came from Florida and Virginia. The FBI further confiscated digital assets in Arizona, California, Connecticut, Georgia, Minnesota, Nebraska, New Mexico, New Jersey, New Hampshire, Illinois, Massachusetts, Louisiana, New York, Ohio, Pennsylvania, and Oklahoma. 

In its filing, the agency said the asset seizures came about after violations of 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.”

The FBI has been cracking down on digital assets used in illicit activities. In February, the agency announced that it confiscated several cryptocurrencies, digital assets, and NFTs worth around $250,000 from two different locations in the US. The agency also announced in March that it launched an investigation into Do Kwon and Terraform Labs. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.