Reported by: DAVID JOLLY

The IRS’s Criminal Investigation division is building “hundreds” of crypto cases, and many of them will soon be public, division chief Jim Lee said Thursday.

The cases involve areas like “off-ramping” transactions, in which digital assets are exchanged for fiat currency, as well as people being paid in crypto and not reporting, Lee said during a press call. 

“In the last three years I’ve really seen a shift” in digital asset investigations, Lee said. Previously, most were related to money-laundering, he said, but tax cases now make up about half the mix.

Read full report: https://news.bloombergtax.com/crypto/hundreds-of-crypto-cases-coming-irs-criminal-chief-says