FBI and Cryptocurrencies: Seizing $1.7 Million Worth of Crypto in 5 Months

The amount of cryptocurrency in the hands of the US government is increasing day by day. In its latest announcement, the FBI revealed that it seized $1.7 million worth of crypto. Assets related to MTGOX and other incidents are worth billions of dollars. The sale of BTCs in the Silk Road case is also ongoing.

The Federal Bureau of Investigation (FBI) announced that it seized approximately $1.7 million worth of cryptocurrency between March and July of this year. The document states, “The Federal Bureau of Investigation reports that the listed property was seized for federal forfeiture pursuant to federal law violations.”

Most of the seized assets consisted of Ethereum (ETH). The agency seized $463,811 worth of ETH in the Eastern District of Virginia, making it the largest seizure listed. Among all US states, Florida and Virginia had the highest number of seized crypto assets. A significant amount of stablecoins was also seized. In one incident, $469,000 worth of DAI was seized in the Eastern District of Virginia.

Altcoins Seized by the FBI

Among the other seized cryptocurrencies were $147,000 worth of BTC and $200,000 worth of Monero. Altcoins such as Solana and Cardano were also among the seized assets, but their exact amounts were not specified. The agency reported that it seized $200 worth of Dogecoin (DOGE) and most of the assets were captured in Binance accounts.

While 46 seizures were listed from Binance accounts, there were no seizure reports from other major exchanges such as Coinbase, Kraken, Kucoin, and OKX. The FBI, focusing on the seizure of illicit proceeds, has solved many major cases including Silk Road. The US Department of Justice, which continues to sell Silk Road BTCs through Coinbase, has not made any announcements regarding the sales for some time. Although on-chain data shows that the department continues to sell, no similar statement has been made by the institution.

In the midst of the low trading volume in the cryptocurrency markets, the sales by the US Department of Justice are increasing negativity among investors. Moreover, in low-volume markets, a sale of millions of dollars can significantly affect the price.