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Saturday, June 14, 2025

How governments seize millions in stolen cryptocurrency - MIT Technology Review

Tech Review Explains: where our writers untangle the complex, messy world of technology to help you better understand the world we live in—and what comes next.
There have been so many recent multimillion-dollar cryptocurrency thefts that it’s easy to lose track. Organized crime, bad cybersecurity, financially motivated spies, and colorful criminals of all kinds have made so many headlines that even huge heists can go mostly unnoticed by the public.
But sometimes the government is able to get it back. Last week, the United States seized $500,000 in cryptocurrency from alleged North Korean hackers who got that money by extorting American medical organizations. That’s just a drop in the bucket considering the grand total: the IRS alone seized $3.5 billion in cryptocurrency in 2021.
But how exactly does seizing cryptocurrency work?
What happens first when the cryptocurrency is stolen?
Skilled criminals know they need to make dirty money clean. Money laundering is the age-old act of...



Read Full Story: https://www.technologyreview.com/2022/07/26/1056447/how-governments-seize-mil...

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