The IRS’ criminal investigators have spent years honing their cryptocurrency skills. Now they face Russia’s criminal hacker gangs
. One challenge to investigating such crimes is the fact that the perpetrators overwhelmingly demand payment in cryptocurrency because of its supposed untraceability.
Congress helped the first scenario a bit when passing last year’s bipartisan infrastructure package, whichto include cryptocurrency exchanges like Coinbase. These brokers, typically people who buy and sell stocks on someone’s behalf, will eventually have to report annually the names and addresses of their customers whenever they file tax returns after trading or selling crypto — providing a level of transparency into the average crypto owner’s transactions that doesn’t exist now.
But tax reporting has severe limits. In most instances, the new reporting rules focus on the entity receiving the funds, which in this case would be the Russian ransomware criminals — who aren’t subject to U.S. tax laws or known for obeying government mandates. Often the agency works with companies like Chainalysis that have proprietary technologies that make linking one Bitcoin wallet to another a lot faster. One example Koopman pointed to is a tool that collects all the “public-not-public” data about people into one place to make homing in on possible suspects much easier.
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