Until recently, many people thought that purchases and money transfers made with cryptocurrency were safe and secret. The convenience and anonymity led many people—including criminals—to use it for shady and illegal deals—such as profiting from illegal porn and drug transactions. Others thought they could profit and never have to report it to the Internal Revenue Service (IRS). Now the agency has found a way to crack the code and learn about those supposedly secret deals.
After breaking the cryptocurrency code, the dominoes began to fall. Recent catches involved cases worth $3.6 billion and $10 billion, with many people being arrested. The IRS, and people working with the agency, have united to find tax cheats and illegal activities using crypto.
