For approximately the last ten years, various nations globally have taken to capturing cryptocurrencies. The US administration takes the lead in this matter, reporting a holding value of around $15.27 billion in digital currencies.
This substantial stash includes 212.847k BTC and 45.654k ETH.
US Leads with Holdings of $15.27B
The US authorities confiscated around 144,336 Bitcoins from the notorious online marketplace, Silk Road, back in 2013. This platform was well-known for enabling illicit transactions involving drugs and other prohibited items, all using Bitcoin as payment.
In 2017, law enforcement in the United States shut down a well-known darknet marketplace named AlphaBay. The specific amount of cryptocurrencies taken during this operation is undisclosed, but earlier reports indicated that the hoard contained Bitcoin, Ethereum, Monero, and other digital currencies.
About three years ago, the US Department of Justice confiscated around 3.6 million dollars in Bitcoin during their probe into suspected money laundering and fraud activities linked to the cryptocurrency platform Bitfinex and its related stablecoin creator, Tether.
The British government owns approximately 61,245 bitcoins, equivalent to around $4.34 billion, according to information gathered by Arkham Intelligence, trailing closely behind the US in holdings.
At present, the German government holds around 49,859 Bitcoin, equivalent to roughly $3.53 billion in value.
Significantly, the Salvadoran administration has become an engaged player, owning around 5,718 bitcoins worth roughly $405 million, mainly from forward-thinking acquisitions.
Crypto Seizure
A significant portion of the cryptographic assets in many countries originate from seizures for various reasons. This includes situations where cryptocurrencies are used in illegal activities, such as money laundering, drug trafficking, funding terrorism, and cybercrime during investigations. In order to disrupt these criminal operations and bring perpetrators to justice, law enforcement agencies confiscate the crypto assets as part of their investigative process.
Governments have the power to take control of cryptocurrencies belonging to people or organizations under suspicion of tax evasion – that is, failing to report income or record transactions related to crypto assets. This action is used to uphold tax laws and encourage taxpayers to meet their responsibilities.
Moreover, cryptocurrency trading sites and related services are required to adhere to regulations concerning anti-money laundering (AML) and know-your-customer (KYC). Noncompliance or involvement in deceptive practices can result in asset seizures.
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2024-04-13 17:36