Cryptocurrencies are the future, but there are “mountains of scams” around

A senior special agent for the Internal Revenue Service has told a conference that NFTs and cryptocurrencies are the “future.” However, he emphasized that fraud and manipulation remain rampant in the space.

Ryan Korner, with the Los Angeles Field Office of the IRS Criminal Investigation, made the remarks at a virtual event Tuesday hosted by the USC Gould School of Law, Korner.. Bloomberg reports that Korner said:

“We see mountains and mountains of fraud in this area.”

He said so at the event While acknowledging the significant growth of the cryptocurrency sector, the IRS CI department noted that the use of digital assets was not limited to payments and trading, but highlighted various illegal behaviors such as fraudincluding money laundering, market manipulation and tax evasion.

Cryptocurrencies are the future, but there are “mountains of scams” around
Cryptocurrencies are the future, but there are “mountains of scams” around

Korner specifically highlighted market manipulation, noting that high profile investors have the ability to influence asset prices with a single tweet.

He spoke about celebrity involvement in space, perhaps thinking of examples like Kim Kardashian and Floyd Mayweather, which recently ran into trouble for promoting an allegedly fraudulent token called EthereumMax. corner said:

“We’re not necessarily looking for celebrities, but if they make a cheeky or blunt comment that says, ‘Hey, IRS, you should probably come see me,’ that’s what we do.”

This room is the future

Korner said so during the event The reason the department was actively training and educating its officials on crypto and NFT regulation was because “this space is the future” and it was going nowhere.

Körner also said that The IRS has worked with other federal agencies, including the Justice Department, to “ensure everyone is on the same page and one step ahead of the criminals.”He said.

IRS investigators seized $3.5 billion worth of crypto in fiscal 2021 linked to financial crimes. This represented 93% of all assets seized by the department during this period.

“The IRS CI ended the year with 80 cases in its inventory that it was still actively working on, with the primary violation being cryptocurrency-relatedsaid grains.

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