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US FBI Adds $1.7M to its Seized Crypto Assets: Report

The United States Federal Bureau of Investigation (FBI) has recently reported the seizure of approximately $1.7 million worth of cryptocurrency between March and July of the current year.

A recent filing released by the FBI carries a concise yet potent message: “The Federal Bureau of Investigation gives notice that property listed was seized for federal forfeiture for violation of federal law.”

List of FBI Confiscated Crypto

The seized digital assets primarily comprise Ethereum (ETH) tokens, amounting to $800,000. The largest single seizure occurred in the Eastern District of Virginia, where Ether valued at $463,811 were confiscated. This seizure underscores the agency’s resolve and effectiveness in pursuing criminal activities linked to digital assets.

Notably, Florida and Virginia had the most crypto assets seized out of all the states in the United States. While ETH was the most seized digital asset, Stablecoins did not escaped the scrutiny of the FBI. Among the notable seizures, DAI, a stablecoin worth $469,000, was confiscated in the Eastern District of Virginia. 

Additionally, memecoin often viewed with a touch of humor in the crypto space, has found itself entangled in the FBI’s net, with a listing for $200 worth of Dogecoin (DOGE). 

Furthermore, Bitcoin, the world’s largest crypto, saw $147,000 worth of its digital value seized. Monero (XMR), known for its privacy-focused features, also made an appearance on the confiscation list with assets worth $20,000. 

The expanding list of confiscated cryptocurrencies also includes altcoins such as Solana (SOL) and Cardano (ADA), showcasing the diversity of digital assets employed in various financial activities.

Binance Takes Center Stage in Seizures

The filing noted that a significant portion of the reported confiscations stems from Binance accounts, with a remarkable 46 instances listed. Binance, one of the world’s largest crypto exchanges, has seemingly become a focal point in these enforcement actions. 

This prominence raises questions about the dynamics between law enforcement agencies and specific exchange platforms, hinting at a complex interplay of activities, regulations, and the exchange’s role in facilitating transactions.

The absence of other major exchanges from the confiscation list, while intriguing, doesn’t necessarily imply any wrongdoing or lack thereof. It could reflect a variety of factors, including the nature of activities conducted on these platforms, the level of regulatory scrutiny, or simply a matter of timing in terms of ongoing investigations.