- The FBI’s public notices and filings reveal a significant trend – Ethereum has been seized in notably larger quantities than Bitcoin.
- This discrepancy underscores Ethereum’s prominence in the FBI’s recent enforcement efforts.
- The FBI’s recent public notices and filings underscore their active involvement in the cryptocurrency space.
In a recent development, the Federal Bureau of Investigation (FBI) has disclosed its seizure of cryptocurrencies and various items from wallets over the past few months. The public notices, dated August 16, shed light on the notable seizure of three primary cryptocurrencies: Ethereum, Bitcoin, and Tether. Interestingly, Ethereum has taken the lead in terms of the amount confiscated by the FBI.
Ethereum Trumps Bitcoin and Tether in Seizures
In the Eastern District of Virginia, authorities have successfully seized 428.5 Ethereum from four wallets. These seizures occurred during April and May and held a combined value of nearly $800,000 at the time of enforcement. One individual seizure alone accounted for an impressive $463,811. Unlike other volatile assets, Ethereum’s value has exhibited minimal fluctuations since the time of these seizures.
As of today’s market prices, the total 428.5 Ethereum would be valued at approximately $782,000. Notably, the FBI’s filing reveals a significant discrepancy in the amount seized between Ethereum and Bitcoin.
Bitcoin Seizures Lag Behind Ethereum
In terms of Bitcoin seizures, the FBI reports the confiscation of around 5.12 Bitcoins. These instances accumulated over various occasions in 2023, resulting in a total worth of about $136,893.01. The current value of this amount stands at approximately $149,221.00, indicating the inherent volatility of the Bitcoin market.
It is intriguing to note that the value of the Bitcoin seized by the FBI is over five times smaller than the amount of Ethereum confiscated.
Tether Confiscation and Further Enforcement Actions
The filing also discloses the FBI’s seizure of $310,277 worth of Tether, a popular stablecoin, during the period spanning March to May. This indicates the agency’s thorough involvement in the cryptocurrency sector throughout 2023.
The FBI’s engagement in the cryptocurrency sector goes beyond just seizures. On July 7, reports emerged that Jesse Powell, the founder of the crypto exchange Kraken, had his residence searched by the FBI. Investigations into claims of hacking and cyberstalking against a nonprofit arts group allegedly prompted this action.
Additionally, just two months prior to this incident, the FBI collaborated with the National Police of Ukraine to close down nine suspected crypto exchanges involved in money laundering. The authorities took further steps by shutting down the servers of these exchanges, including platforms like 24xbtc.com and 100btc.pro, pridechange.com, and others.
The FBI’s recent public notices and filings underscore their active involvement in the cryptocurrency space. These actions include significant Ethereum, Bitcoin, and Tether seizures, along with enforcement actions against crypto exchanges and individuals allegedly involved in illicit activities. The agency’s continued interest in this evolving landscape reflects cryptocurrencies’ increasing significance in legal and investigative contexts.
FEDERAL BUREAU OF INVESTIGATION