The US Internal Revenue Service (IRS) has reportedly launched an operation to attract cryptocurrency investors. Known as the Hidden Treasury operation, the group consists of agents trained in cryptography and transaction tracking.

• Damon Rowe, executive director of the IRS Office of Fraud Control, introduced Operation Hidden Treasure last week at a presentation by the Federal Association of Anti-Fraud Lawyers, reports Forbes. A long-time SVD detective explained that a special team of SVD detectives had been established within the service to work on this operation.
• The partnership between the Civilian Fraud Office and the Criminal Investigation Unit, Operation Hidden Treasure, aims to eradicate tax evasion by cryptocurrency holders, according to the press release.
• The team working on Operation Hidden Treasure consisted of agents trained in monitoring cryptocurrencies and cryptographic transactions. They target taxpayers who omit coded income on their tax returns.
• Carolyn Schenck, counsel in the Fraud and Relief Division of IRS Counselor Schaife’s office, described Operation Hidden Treasure as anything to do with locating, tracking and matching cryptographic material to U.S. taxpayers.
• Schenk explained in detail that the IRS works with specialists to identify and investigate different signatures for tax evasion. These signatures may involve structuring where transactions are recorded in increments of less than $10,000 to avoid certain tax reporting obligations. This includes the use of proxies, fictitious companies, or getting in and out of the channel.
• The IRS and these specialists analyze blockchain and de-anonymize [cryptocurrency] transactions, according to the release, to detect, locate and process crypto seizures in both civil and criminal contexts.

What do you think of the IRS’ new operation targeting crypto investors? Let us know in the comment section below.

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