 |
| Where did the confiscated cryptocurrency go? |
The governments of many countries around the world, especially the USA, are grabbing cryptocurrencies. For example, the United States recently confiscated $21,000 worth of cryptocurrency. Where did this money go?
The United States sells these cryptocurrencies through public auctions. Just like selling property stolen from the owner in the event of an associated crime.
In this fiscal year alone, the US Internal Revenue Service's cybercrime division succeeded in seizing $1.2 billion in digital currency. As the head of the department, Jarrod Copeman, described, owning a cryptocurrency is as valuable as owning a car, boat, or other public asset.
Cryptocurrency confiscation
Koopman described the Cybercrime Task Force as an atypical operator. They have their own insignia, weapons, and enforce the law, but they also have the added function of dealing with cryptocurrencies.
As he told CNBC, the administration succeeded in seizing $700,000 of cryptocurrencies in 2019. In 2020, the amount reached $137 million. So far, the value of the cryptocurrency seized in 2021 has reached $1.2 billion.
He has conducted numerous interviews with former US federal agents. As they said, the country has no plans to abandon hunting and grabbing digital currency. Even modifications to the cryptocurrency are beyond its capabilities, so it may seek support from the private sector.
After federal agents successfully shut down the Silk Road site in 2013, the pursuit of the coin has become increasingly important. This is a website that sells everything like a black market.
This Silk Road website has been operating on the dark web for many years. What helped him move forward was the dependence on bitcoin and other digital currencies. These currencies allow criminals to exchange illegal services for money very freely. This is where Bitcoin becomes a security risk.
Buying and selling currencies
At that time, the United States managed to secure a wallet with 30 thousand bitcoins. But the value of the coins at that time was not what it is today, as these coins sold for $19 million. Even if it is currently worth over a billion.
There are currently three major turning points in the process of cryptographic resilience in the United States. The process begins with law enforcement and confiscation, then monetization and sale of cryptocurrencies, and finally the reuse of these funds.
The United States Police Department, called the United States. Marshals Service is responsible for forfeiture and subsequent sale. So far, 185,000 bitcoins have been seized, which currently stands at $7,185,344,500.
In the end, after the processes of return, seizure and sale are completed, the realized amount is deposited into two units, the first is the Treasury Recovery Fund and the second is the Ministry's Property Recovery Fund. Justice.