The FBI confiscated 428.5 Ethereum and 5.12 Bitcoins from Virginia wallets, along with $310,277 in Tether stablecoins. This move comes as part of the FBI’s increased efforts in the cryptocurrency sector, which also involved shutting down nine exchanges.
On August 16, public notices revealed that the FBI had taken control of different cryptocurrencies from wallets in recent months. The filing also mentioned the seizure of three main cryptocurrencies: Ethereum, Bitcoin, and Tether.
The filing also mentioned the confiscation of various items, including weapons, sneakers, and clothing.
FBI Seizures: Ethereum Surpasses Bitcoin and Tether
In the Eastern District of Virginia, authorities took control of 428.5 Ethereum from four wallets, valued at nearly $800,000 during the enforcement period. One of these seizures alone amounted to $463,811.
These seizures happened in April and May, with Ethereum’s value remaining relatively stable.
At today’s market prices, the total 428.5 Ethereum would be worth around $782,000.
According to the filing on August 16, the Bitcoin seized holds a value more than five times smaller than the confiscated Ethereum.
Around 5.12 Bitcoins were seized through various instances in 2023, totaling approximately $136,893.01. At the current time, this amount is worth about $149,221.00.
The filing also reveals that Tether worth $310,277 was taken during the period from March to May.
FBI Monitoring Cryptocurrency Activities
The FBI has taken action against individuals and entities involved in violating federal regulations related to cryptocurrency. The agency states that the seized property is subject to federal forfeiture due to these violations.
FBI’s Ongoing Involvement in the Crypto Sector
Throughout 2023, the FBI has been active in the cryptocurrency sector with various enforcement actions. In July, the founder of crypto exchange Kraken, Jesse Powell, had his home searched by the FBI as part of an investigation into alleged hacking and cyberstalking related to a nonprofit arts group.
Additionally, in a collaborative effort with the National Police of Ukraine, the FBI recently shut down nine crypto exchanges suspected of involvement in money laundering. The authorities took down the servers of exchanges such as 24xbtc.com, 100btc.pro, pridechange.com, and others.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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