The FBI confiscated $1.7M in cryptocurrency since March 2023

The FBI confiscated $1.7M in cryptocurrency since March 2023

Due to infractions of federal rules, the Federal Bureau of Investigation (FBI) was able to seize cryptocurrency with a total value of over $1.7 million between March and July of this year. The FBI announced the action. In their official message, the FBI stated that they successfully confiscated the assets and transferred them to the government for potential forfeiture.

The majority of the confiscated cash consisted of around $800,000 worth of Ethereum (ETH). Significantly, law enforcement executed the largest seizure in the Eastern District of Virginia, confiscating Ethereum (ETH) with a total value of approximately $463,811. Analysts have identified Florida and Virginia as the states in the United States with the highest quantity of confiscated crypto assets.

Law enforcement seized stablecoins in conjunction with other assets, constituting a portion of the overall sum. For example, the authorities in the Eastern District of Virginia seized DAI with a value of 469,000 dollars there. Law enforcement authorities carried out eight distinct incidents of seizing USDT (Tether), while there were no instances of separately seizing USDC (USD Coin).

In addition to the seizure of stablecoins, the FBI’s move also encompassed the seizure of a number of other types of cryptocurrencies. These consisted of Bitcoins worth a total of $147,000 and Monero for a total of $20,000. Furthermore, the list of confiscated assets included tokens like Solana and Cardano. These tokens were part of the numerous mentioned assets.

The discovery of meme-inspired cryptocurrencies such as $200 worth of Dogecoin among the confiscated assets makes this observation significant. The assortment of cryptocurrencies seized underscores the FBI’s ongoing endeavors to counter potential illicit activities within the digital asset sphere.


About Ylleza Jashari

Senior student pursuing a degree in Security Studies at Rochester Institute of Technology. In my role as a Content Writer at Walletor, my primary objective is to develop informative content that effectively educates all Walletor users on the most up-to-date insights pertaining to financial transactions, digital wallets, and the broader cryptocurrency industry.