Here’s What Happens To All Of The Crypto Assets The IRS Seizes

Crypto continues to be a controversial asset when it comes to the law and crime. Just this fiscal year alone, the IRS has seized $1.2 billion worth of cryptocurrency. The U.S. government started seizing crypto assets during the Silk Road shutdown of 2013. And so far since, there has been crypto seized from individuals every year. Often the public is not privy to what happens to seized assets. Once seized, the government has the discretion to dispose or store these assets the way it deems the best. A good amount has been seized by the IRS alone over the years. Assets whose worth run into the billions of dollars since cryptocurrencies became popular. Related Reading | Wells Fargo Now Offers Cryptocurrency Investment To Clients These assets are usually taken in search and seizures operations carried out by federal agents. At which point the assets seemingly disappear under the jurisdiction of the government. To this end, this CNBC report gets in-depth with current and federal agents to figure out what happens with these seized assets. Confiscated Crypto Assets Get Auctioned Off Jarod Koopman, who is the director of the IRS’ cybercrime unit, said that seized assets are auctioned off. It does not matter if it’s crypto, boats, or cars. These auctions are usually carried out after investigations into the crimes are concluded. Related Reading | How Much Is Your Love Worth? Polish Influencer Sells “Love” As NFT Auctions like ...