A new filing from the Federal Bureau of Investigation (FBI) shows that the agency confiscated nearly $1.7 million worth of cryptocurrencies between March and July 2023. The filing, which was made public on August 16, 2023, lists the specific cryptocurrencies that were seized, as well as the districts where the seizures took place.
The largest seizure was 428.5 ETH, worth approximately $463,000, which was seized in the Eastern District of Virginia. Other major seizures included 200,000 DAI ($469,000) in the Eastern District of Virginia, 100 BTC ($147,000) in the Southern District of Florida, and 20 XMR ($20,000) in the District of New Jersey. The filing also shows that the FBI seized cryptocurrencies from a variety of sources, including hardware wallets and cryptocurrency exchange accounts. Of the 46 seizures listed in the filing, 44 were from Binance accounts.
The FBI has not yet released any information about the specific investigations that led to the seizures. However, the filing notes that the seizures were made “for federal forfeiture for violation of federal law.”
The seizures come at a time when the FBI is increasingly targeting cryptocurrency criminals. In recent months, the FBI has arrested several people for allegedly using cryptocurrencies to commit crimes, including money laundering, drug trafficking, and ransomware attacks.
The seizures also highlight the growing challenge of tracking and seizing cryptocurrency. Cryptocurrencies are designed to be anonymous and decentralized, which makes it difficult for law enforcement to track their movement. However, the FBI has shown that it is willing to put in the effort to seize cryptocurrencies, and this is likely to deter some criminals from using them.