IRS Builds 'Hundreds' of Crypto Cases, Exec Says
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The Internal Revenue Service (IRS) is working on a hundred crypto-related cases and many of them will soon be revealed to the public, Bloomberg Law has learned, citing IRS's Criminal Investigation division boss Jim Lee.

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Lee explained that the cases involve not only "off-ramping" transactions, but also people being paid in crypto, but hiding these incomes from reporting.

"In the last three years I've really seen a shift [in crypto investigations]," he said.

IRS Confiscated $3.5B in Crypto in Fiscal Year 2021

Lee went on to say the regulator can now trace crypto transaction, but declined to elaborate on the matter. In 2021, the IRS created the Office of Cyber and Forensic Services to lead crypto investigations and cybercrime.

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