The IRS's Criminal Investigation Division has announced that the department is building hundreds of crypto cases, and many of them will soon be public.

During a press conference, the division's chief reported that the cases involve "off-ramping" transactions and individuals who were paid with crypto but failed to report the transactions. Off-ramping is the act of exchanging digital assets for fiat currency. The division now can trace cryptocurrency transactions, according to Bloomberg Tax. The division is keeping with tradition in "following the money", and also has found ways to pivot into new realms, including Web 3 technology.

To date, in 2022, the Criminal Investigation division has seized about $7 billion in cryptocurrency, which is double the previous year's total.

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