The Federal Bureau of Investigation is aggressively and rapidly escalating efforts to crack down on the illicit usage of cryptocurrencies across a wide range of criminal activities. A recent FBI forfeiture notice on August 21st detailed numerous seizures totaling 195 instances of major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) across multiple states and jurisdictions.
Forfeiture is a legal process allowing the government to remove ownership of property involved in a crime, ensuring criminals cannot profit. The FBI has invoked this process 195 times specifically for virtual currency seizures, demonstrating extensive tracking of cryptocurrencies. These virtual currencies were frequently seized alongside cash, vehicles, weapons, drugs, and other contraband in cases pursued under statutes covering drug proceeds, fraud, money laundering, and more.
Specifically, the FBI conducted at least 39 virtual currency seizures in California, 35 in Florida, 25 in Texas, 20 in New York,
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