On Aug. 16, public notices disclosed that the Federal Bureau of Investigation (FBI) had seized various cryptocurrencies from wallets over the past several months. Notably, the filing also reveals the seizure of three primary cryptocurrencies: Ethereum, Bitcoin, and Tether.
Among the other items listed in the filing were seizures of diverse items, including weapons, sneakers, and clothing.
Ethereum Trumps Bitcoin and Tether in FBI Seizures
In the Eastern District of Virginia, authorities seized 428.5 Ethereum from four wallets, with a combined value of almost $800,000 at the time of enforcement. One of these seizures alone accounted for $463,811.
Given these seizures took place during April and May, there has been minimal fluctuation in the value of the Ethereum.
At current market prices, the total 428.5 Ethereum would be worth approximately $782,000 today.
According to the Aug. 16 filing, the value of Bitcoin seized is more than five times smaller than the Ethereum amount confiscated.
The FBI reported the seizure of approximately 5.12 Bitcoins, accumulated through various instances in 2023, resulting in a total worth of around $136,893.01. As of current writing, this amount holds an approximate value of $149,221.00
The filing also discloses that $310,277 worth of Tether was confiscated during the period from March to May.
FBI Keeping Tabs on Crypto
The seizure of assets was the result of various breaches of federal regulations:
“The Federal Bureau of Investigation (FBI) gives notice that the property listed below was seized for federal forfeiture for violation of federal law.”
The FBI has made many other enforcement actions in regard to the cryptocurrency sector in 2023.
On July 7, BeInCrypto reported that Jesse Powell, founder of crypto exchange Kraken, had his home searched by the FBI. The agency was allegedly looking into claims of hacking and cyberstalking against a nonprofit arts group.
Just two months before this, the FBI worked with the National Police of Ukraine to shut down nine crypto exchanges suspected of money laundering.
The authorities also shut down all servers of crypto exchanges 24xbtc.com, 100btc.pro, pridechange.com, 101crypta.com, uxbtc.com, trust-exchange.org, bitcoin24.exchange, paybtc.pro, and owl.gold.
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