Connect with us

Hi, what are you looking for?

Income Innovator HubIncome Innovator Hub

Editor's Pick

IRS Spotlights Most Notable Cryptocurrency Scams in 2023

Source: Pixabay / stevepb

The U.S. Internal Revenue Service Criminal Investigation (IRS-CI) division has released its list of the top 10 criminal cases of 2023. These cases include the IRS‘s most prominent and high-profile investigations with a significant focus on cryptocurrency-related crimes.

Among the top 10 cases, four involved high-profile cryptocurrency frauds and tax evasion schemes. These included the Silk Road Bitcoin seizure, the sentencing of OneCoin co-founder for a multi-billion dollar scam, the imprisonment of Amir Bruno Elmaani, founder of Oyster Pearl, for tax evasion; and the conviction of Ian Freeman in a Bitcoin money laundering scheme.

“Billions of dollars in fraud, victims across the globe and criminals who are all about personal gain. That’s the crux of 2023’s top 10 cases,” said Criminal Investigation Chief Jim Lee. “When I say our team at CI is the best at following the money trail, I mean it.”

“Our investigators took down international tax schemes that preyed on people’s personal information, investigated multi-level marketing schemes involving cryptocurrency and uncovered one of the largest fraud schemes in history centered around renewable fuel credits,” said Lee.

High Profile Crypto Scheme and Tax Evasion


Karl Sebastian Greenwood, co-founder of the notorious OneCoin scheme, was sentenced to 20 years in prison for orchestrating a vast global fraud. Initiated in 2014, OneCoin, under the guise of a legitimate crypto, duped millions of investors worldwide, leading to over $4 billion in fraudulent investments. Greenwood, along with Ruja Ignatova, known as the Cryptoqueen, masterminded this multi-level-marketing network, which was rooted in misrepresentations and deceit. In addition to his prison sentence, Greenwood was also ordered to forfeit approximately $300 million, marking a significant crackdown on one of the largest cryptocurrency scams to date.

Amir Elmaani, known as “Bruno Block,” the founder of Oyster Protocol, was sentenced to four years in prison for tax evasion, admitting to unreported profits from selling Pearl tokens and causing over $5.5 million in tax losses. His fraudulent activities in 2017 included minting and dumping PRL tokens on the market, misleading investors, and concealing substantial earnings through extravagant purchases and family proxies, resulting in a substantial restitution order of $5.5 million.

IRS Continues to Hit Crypto AML Cases


Anti-money laundering (AML) was also highlighted in the list. Ian Freeman was sentenced to 96 months in prison for laundering over $10 million through a Bitcoin scheme, involving romance scams and internet frauds. He failed to register his business legally and disabled anti-money laundering measures at his Bitcoin kiosks. Freeman used church-related accounts to hide these activities and evade taxes from 2016 to 2019. He’s also required to pay restitution to victims, with the amount to be determined later.

The post IRS Spotlights Most Notable Cryptocurrency Scams in 2023 appeared first on Cryptonews.

Enter Your Information Below To Receive Latest News, And Articles.

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.
    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Editor's Pick

    Source: Ark Invest / Instagram ARK Investment Management, led by prominent investor Cathie Wood, has reduced its holdings in the Grayscale Bitcoin Trust (GBTC)...

    Latest News

    A super PAC that has overseen much of Ron DeSantis’s presidential operation has fired its CEO less than two weeks after the previous chief...

    Latest News

    WINDHAM, N.H. — It’s pouring rain Saturday morning as New Hampshire Gov. Chris Sununu (R) arrives at Mary Ann’s diner in Windham, fielding calls...

    Stock

    Popeyes is expanding its menu beyond chicken sandwiches — and it’s a permanent change this time. The fast-food chain announced Wednesday it’s adding five...

    Disclaimer: Incomeinnovatorhub.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 incomeinnovatorhub.com