{"id":6087,"date":"2022-01-27T08:46:53","date_gmt":"2022-01-27T08:46:53","guid":{"rendered":"http:\/\/egrowonline.com\/?p=6087"},"modified":"2022-01-27T08:46:53","modified_gmt":"2022-01-27T08:46:53","slug":"cryptos-the-future-but-there-are-mountains-of-fraud","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=6087","title":{"rendered":"Crypto’s the future but there are \u2018mountains of fraud\u2019"},"content":{"rendered":"


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A top special agent from the Internal Revenue Service has told a conference that NFTs and crypto are the \u201cfuture\u201d but highlighted that fraud and manipulation is still rampant in the space. <\/p>\n

Ryan Korner from the IRS Criminal Investigation\u2019s Los Angeles field office made the comments virtual event held on Tuesday by the USC Gould School of Law, Korner. Bloomberg reports Korner said: <\/p>\n

\u201cWe\u2019re just seeing mountains and mountains of fraud in this area.\u201d<\/p><\/blockquote>\n

He told the event the IRS CI division acknowledges the significant growth of the crypto sector, but noted that the usage of digital assets has not been limited to payments and trading. He outlined various illicit behaviors such as fraud, including money laundering, market manipulation and tax evasion. <\/p>\n

Korner highlighted market manipulation in particular, pointing to high-profile investors having the ability to sway asset prices with a single Tweet. <\/p>\n

He spoke about the involvement of celebrities<\/a> in the space, perhaps thinking of examples as Kim Kardashian<\/a> and Floyd Mayweather \u2014 who recently got into hot water over promoting an allegedly fraudulent<\/a> token dubbed EthereumMax. Korner said: <\/p>\n

\u201cWe\u2019re not necessarily out there looking for celebrities, but when they make a blatant or open comment that says \u2018Hey, IRS, you should probably come look at me,\u2019 that\u2019s what we do.\u201d<\/p><\/blockquote>\n

\u2018This space is the future\u2019<\/h3>\n

During the event, Korner stated the reason the division was actively training and educating its agents on crypto and NFT regulation, was because \u201cthis space is the future\u201d and wasn\u2019t going anywhere. <\/p>\n

Korner also stated that the IRS has collaborated with other federal agencies, including the Justice Department to \u201cmake sure everyone is on the same page and staying ahead of the criminals,\u2019 he said. <\/p>\n

Related: <\/em><\/strong>Crypto crime\u2019s overall impact set to fall even further in 2022: Chainalysis<\/em><\/strong><\/a><\/p>\n

IRS investigators seized $3.5 billion worth of cryptocurrencies<\/a> tied to financial crimes during the fiscal year 2021. This accounted for 93% of all the assets seized by the division in that time frame. <\/p>\n

\u201cIRS CI ended the year with 80 cases in its inventory that it was still actively working on where the primary violation was tied to crypto,” Korner said.<\/p>\n<\/div>\n


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A top special agent from the Internal Revenue Service has told a conference that NFTs and crypto are the \u201cfuture\u201d but highlighted that fraud and manipulation is still rampant in the space. Ryan Korner from the IRS Criminal Investigation\u2019s Los Angeles field office made the comments virtual event held on Tuesday by the USC Gould […]<\/p>\n","protected":false},"author":1,"featured_media":6088,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[38],"tags":[880,3246,956,4251],"class_list":["post-6087","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-cryptos","tag-fraud","tag-future","tag-mountains"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/01\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDEvNDNkMjRiZTUtYWM4Yy00NjZhLTgzNTUtOWVlMDA5ZTZjY2ExLmpwZw.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/6087","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6087"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/6087\/revisions"}],"predecessor-version":[{"id":6089,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/6087\/revisions\/6089"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/6088"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6087"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6087"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6087"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}