US Government Seize Cryptocurrencies Worth N498trn in 2021

US Government Seize Cryptocurrencies Worth N498trn in 2021

  • The government of the United States of America said it has hauled in cryptos worth trillions in 2021 alone
  • The US is keeping an eye on the crypto market to ensure there are no infractions or that it is used fraudulently
  • It is currently investigating weak areas in the crypto market so as to regulate it against possible abuse and fraud

The United States has seized a record number of cryptocurrencies in 2021 compared to any year in history.

According to the director of the Internal Revenue Service’s cybercrime unit, Jarod Koopman, the agency confiscated N498 billion ($1.2 billion) in cryptocurrency in 2021. That figure is astronomically higher than the prior years’ tally.

Crypto Currency
Source: Getty Images

A report by CNBC says the US government is sitting on a huge amount of bitcoin seized from individuals for various reasons.

Read also

Elon Musk to pay almost half of Nigeria’s 2021 budget in taxes to the US government

The report stated that the government has been increasing its watch of cryptocurrencies and consequently confiscating more of them.

PAY ATTENTION: Install our latest app for Android, read best news on Nigeria’s #1 news app

A new record

The IRS announced early this year that it had seized N1.4 trillion ($3.5 billion) worth of crypto in the fiscal year of 2021.

The government has also reportedly seized 170,000 per cent more crypto this year than it did in 2019.

What Koopman said

“In the fiscal year 2019, we had about N290.5 million worth of crypto seizures. In 2020, it was up to N56.8 billion. And so far in 2021, we’re at N498trn.”

The government had, in the past, auctioned bitcoins at significantly lower prices. It will sell N23.3 billion in crypto-related to the BitConnect case in its next auction. The funds will be utilized to compensate victims of the tragedy.

Read also

Bank of England makes prediction on bitcoin, fear the worst is coming for traders amid reports of app glitch

Recently, the crypto market has grown in popularity, and the value of assets has spiked in tandem. That may be why lawbreakers are increasingly using cryptography.

The US government has only recently begun to investigate the crypto market for any weak spots. They are very interested in preventing the misuse of the asset class to finance criminal activities, and that is one of their top priorities.

US government's stand on crypto

The IRS has been working hard to introduce crypto-related classes to the 1040 tax form. It is also working with Taxbit to ensure that traders report their numbers correctly.

Nigerians show off wallets full of billions of dollars had reported that Several Nigerian cryptocurrency investors have shown massive amounts of money running into billions of dollars credited into their wallets in a global glitch that made many momentary billionaires overnight.

After reported a story of Chinedu MacGordon who woke up to a bloated cryptocurrency account, many took to the comment section’s Facebook pages to share screenshots of what they found on their Coinbase wallets

Read also

MTN Wraps Up N97b Public Shares Offer with Commitment to Inclusion

Many reported a snag in withdrawing the money found in their accounts. Some users saw billions of dollars in their accounts.


Online view pixel