A senior specialist agent for the U.S. The Internal Revenue Service told a conference that non-perishable tokens (NFTs) and cryptocurrencies are “the future”, but he signaled that fraud and manipulation are still widespread in space.
Ryan Corner of the IRS Criminal Investigation Department in Los Angeles made the comments Tuesday during a USC Gould Law School virtual event. Bloomberg reported that Korner said:
“We only see mountains and mountains of fraud in this area.”
He revealed at the event that the IRS Criminal Investigation Department acknowledged the significant growth in the crypto sector, but noted that the use of digital assets is not limited to payments and trading. He explained many illegal activities such as fraud, money laundering, market manipulation and tax evasion.
Corner specifically pointed out market manipulation, and pointed to well-known investors who can influence asset prices with a single tweet.
Talk about celebrity engagement in space, perhaps with examples like Kim Kardashian and Floyd Mayweather Jr. who recently got into hot water to promote a scam code called EthereumMax. Corner sa:
“We are not necessarily looking for celebrities, but when they come up with a dull or open comment that says ‘Hello tax authorities, you should probably take a look at me,’ that’s what we do.”
This place is the future.
During the event, Corner explained that the reason why the division actively educates and educates its customers on crypto and NFT systems is because “this space is the future” and there is no way.
Korner also said the IRS has worked with other federal agencies, including the Department of Justice, to “make sure everyone is on the same page and stays on top of criminals.”
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In fiscal year 2021, IRS investigators seized $ 3.5 billion in economic crime-related cryptocurrencies. This constitutes 93% of all assets seized by the department during this period.
“The IRS tax authorities ended the year with 80 cases on their list that were still actively working on where the main breach was related to cryptocurrencies,” Kerner said.