Blockchain analysis tools built by Chainalysis have helped the IRS seize an estimated $10 billion of cryptocurrency to date.
Blockchain analysis has been key in helping the United States Internal Revenue Service seize an estimated $10 billion worth of cryptocurrency since it began investigating a broad body of crimes involving digital assets.
Hacks of prominent exchanges, Decentralized Finance protocols and cross-chain bridges have seen a spike in stolen funds over the past two years. Source: Chainalysis 2023 Crypto Crime Report “When cryptocurrency came into the picture, we were already thinking about digital crimes and money trails using Web2.”
Data from Chainalysis' 2023 Crypto Crime report highlights the increase in the value of money laundering through cryptocurrencies over the past seven years.For the IRS, the partnership with Chainalysis has become invaluable, with Lee stressing that his unit’s efforts to investigate crypto-related crimes would be near ‘impossible’ without the infrastructure and tools it now has access to.
“When we're talking about the crypto space, the way I look at it is data and technology combined. It takes significant investment because you can't just get those results. You can't just seize $10 billion in value.”
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