Bitcoin News and Finance
Crypto Crimes Highlighted in IRS Criminal Investigation’s 2023 Top 10 Criminal Cases Skip to main content

Crypto Crimes Highlighted in IRS Criminal Investigation’s 2023 Top 10 Criminal Cases

Image
KEBB | Official ₿itcoin News
Crypto Crimes Highlighted in IRS Criminal Investigation's 2023 Top 10 Criminal Cases

In the IRS’s list of top 10 criminal cases for 2023, cryptocurrency frauds are featured, ranging from multi-million dollar tax evasions to elaborate money laundering schemes.

Crypto Scams Among Most Significant Financial Crimes in IRS Criminal Investigation’s 2023 Report

The IRS Criminal Investigation (CI) division has released its annual list of the top 10 criminal cases for the year 2023, highlighting a significant focus on cryptocurrency-related crimes. The list, which was announced on the IRS website and IRS CI’s social media platforms, includes a variety of financial crimes ranging from international tax fraud to massive Covid-19 relief scams.

CI Chief Jim Lee underscored the range and complexity of this year’s cases, emphasizing the billions of dollars involved and the global impact of these crimes. “From international tax schemes to multi-level marketing involving cryptocurrency, our investigators have skillfully unraveled some of the most intricate financial frauds,” said Lee.

Among the top 10 cases, four are notably centered on cryptocurrency:

Amir Bruno Elmaani Sentenced in Crypto Tax Evasion: Coming in at number 8 on the IRS CI list is a man known as ‘Bruno Block,’ the founder of the cryptocurrency Oyster Pearl. Elmaani was sentenced to 48 months in federal prison. He was found guilty of evading taxes on profits from his Pearl tokens, leading to a tax loss of approximately $5.5 million. Elmaani’s lavish spending, including the purchase of yachts and homes, contrasted sharply with his reported income to the IRS.

Silk Road Bitcoin Seizure Leads to Conviction: Number 7 on the IRS CI list is James Zhong, who received a sentence of one year and one day for wire fraud related to the illicit acquisition of approximately 50,000 bitcoins from the infamous Silk Road dark web marketplace. The forfeiture of these bitcoins, valued at around $3.4 billion, marks one of the largest in history. Zhong’s elaborate scheme to conceal the stolen bitcoins spanned over a decade.

Bitcoin ‘Money Laundering’ Scheme Uncovered in New Hampshire: At Number 4 in the overall list is Ian Freeman. Freeman was sentenced to 96 months in prison for allegedly laundering over $10 million through bitcoin transactions. Freeman’s operation was accused of catering to fraudsters, bypassing anti-money laundering laws and misrepresenting transactions as church donations.

Onecoin Co-Founder Sentenced in Multibillion-Dollar Scheme: Finally, at number 3 is Karl Sebastian Greenwood, co-founder of Onecoin, who was sentenced to 20 years in prison for his role in the Onecoin fraud scheme. The scheme, which started in 2014, defrauded millions of investors worldwide, with losses exceeding $4 billion.

These high-profile cryptocurrency cases reflect the increasing scrutiny by law enforcement agencies on the use of digital currencies in criminal activities. The IRS CI’s focus on these cases demonstrates the agency’s growing proficiency and interest in investigating complex financial crimes that are natively digital.

The other cases on the list include international tax fraud, Covid-19 relief scams, and a billion-dollar biofuel tax fraud scheme, showcasing the variety of financial crimes tackled by the IRS CI in 2023.

As cryptocurrency becomes more prominent in society, it stands to reason there will be a commiserate uptick in crypto-related crimes. The IRS CI cases serve as a stark reminder of the potential for misuse and the importance of vigilance amongst crypto holders. These cases also serve as fodder for people and institutions demanding stronger regulations and oversight over all things crypto.

What do you think is the significance, if any, of the number of crypto-related cases in IRS CI’s top 10 list? Let us know in the comments section below.

Comments

Post a Comment

Thank you for sharing your thoughts.

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

KEBB | Official ₿itcoin News
On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

KEBB | Official ₿itcoin News
Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

KEBB | Official ₿itcoin News
The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

KEBB | Official ₿itcoin News
Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
1 comment
Read more

Trezor and Wasabi to Implement a Coinjoin Mixing Scheme Into Hardware Wallets

KEBB | Official ₿itcoin News
This week, the hardware wallet manufacturer Trezor, and the non-custodial bitcoin wallet with a built-in Coinjoin mixer, Wasabi, revealed the two teams are working together to introduce Coinjoin mixing into hardware wallets. On Sunday, Wasabi tweeted “hardware wallet Coinjoins are coming next year with our friends at [Trezor].” Trezor Says Company Is ‘Working on a Coinjoin Implementation’ According to Trezor and Wasabi , a form of Coinjoin mixing is coming to hardware wallets in the near future. Coinjoin is a privacy-enhancing process that is leveraged to anonymize transfers on a blockchain. Basically, the scheme involves a number of parties transacting together and mixing their unspent transaction outputs (UTXOs) in a pool to obfuscate the origin of all the funds. On Sunday, Wasabi’s official Twitter account tweeted about adding the privacy-enhancing scheme to hardware wallets. In the thread, someone asked Wasabi when they would release an “album,” and Trezor replied : “Hi, we’...
Post a Comment
Read more

Grand Theft Auto 6 to Feature a Fictional Cryptocurrency

KEBB | Official ₿itcoin News
One of the biggest franchises in the videogame industry, Grand Theft Auto, will feature in-game payments of “bitcoin” or another fictional cryptocurrency. Contractors will pay the player with this currency when they need to make anonymous, untraceable payments. This would constitute another push for Bitcoin awareness into mainstream media culture. Grand Theft Auto 6 to Feature in-Game Fictional Cryptocurrency Grand Theft Auto 6, one of the biggest gaming franchises, will feature an in-game cryptocurrency for payments according to insiders. The game will allow the player to accept cryptocurrency payments from big shot contractors who want to remain anonymous. Industry insider Tom Henderson leaked the news on Twitter earlier this week. He stated: I heard recently that in GTA 6, some missions will reward you in bitcoin instead of cash for completing some missions. The stock market feature will return, with the addition of a broker for different cryptocurrencies. If GTA 6 incorporate...
Post a Comment
Read more

Grayscale Considering 25 More Crypto Assets for Investment Products

KEBB | Official ₿itcoin News
Grayscale, the world’s largest crypto asset manager, is considering 25 more crypto assets for investment products. With the latest additions, the company’s list of coins under consideration has grown to 43. “The process of creating an investment product similar to the ones we already offer is a complex, multifaceted process,” said Grayscale. 25 Crypto Assets Added to List of Coins Under Consideration for Grayscale’s Investment Products Grayscale Investments announced Monday that it has updated its list of digital assets under consideration for 2022. Grayscale currently has $30.6 billion in net assets under management. The company explained that the “Assets Under Consideration” list comprises “some digital assets that are not currently included in a Grayscale investment product, but that have come to our attention as part of our exploration of this sector, and that our team has identified as possible candidates for inclusion in a future investment product.” Grayscale detailed: Wit...
Post a Comment
Read more

Cardano’s Cfund First Capital Goes to Israeli Fintech Startup Coti

KEBB | Official ₿itcoin News
This latest move to broaden cooperation between Cardano and Coti builds upon previous collaborations as the former seeks to upgrade its payment solution on top of the former’s expanding financial infrastructure. Strategic Investment Marks First Allocation for New Ecosystem Venture Fund One of the earliest proposed use cases for blockchain was the democratization of financial services, namely by reaching unbanked and underbanked communities worldwide. From remittance payments, access to credit facilities, or even just digital wallet solutions, advancements across the blockchain landscape have finally made this vision a reality. Among them, Coti is developing the enterprise-grade base layer for the rest to build atop of. Coti, which is short for “currency of the internet,” operates a fintech platform that supports stakeholder-driven payment solutions and empowers these stakeholders to digitize any currency. This aim aligns with Cardano’s ambitions of affordably and instantaneously ...
3 comments
Read more
Blogarama - Blog Directory