IRS lists Four crypto crimes in 2023 among its top cases

IRS targets crypto crimes in 2023, including OneCoin , Bitcoin laundering, and Silk Road theft, highlighting its focus on digital currency offenses.
IRS lists Four crypto crimes in 2023 among its top cases

Four significant crypto-related cases are listed in the IRS’s top investigations for 2023 by the criminal investigation division. These cases center on tax evasion and cryptocurrency fraud, involving well-known people and complex schemes.

OneCoin co-founder Karl Sebastian Greenwood was facing a 20-year sentence for his part in what was considered to be a fraudulent cryptocurrency asset scam. Because of the scope of the fraud involved, the OneCoin case was singled out as one of the most important.

Ian Freeman, a citizen of New Hampshire, is another well-known case. He was sentenced to eight years in prison for running a Bitcoin kiosk-based money laundering business and neglecting to pay taxes between 2016 and 2019.

Comparably, Amir Elmaani, also referred to as “Bruno Block,” the creator of Oyster Protocol, was the subject of a tax evasion probe because of his actions involving Pearl tokens.

James Zhong, who was accused of stealing Bitcoin from the Silk Road marketplace in 2012, was involved in one of the most fascinating cases. The length of time Zhong was able to avoid detection and the shocking revelation that the stolen goods were hidden in a popcorn tin and a floor safe made this case unique.

These incidents highlight the IRS’s growing focus on crimes involving cryptocurrencies. The agency disclosed in its 2023 annual report that more than 2,676 cases were initiated, covering a broad spectrum of financial and tax violations.

Since 2015, the IRS has confiscated almost $10 billion in bitcoin, demonstrating its resolve to combat financial crimes involving digital money. This strategy emphasizes how financial crime is changing and how strict regulations are necessary in the bitcoin space.

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