What the IRS's 'Operation Hidden Treasure' Means for Crypto Owners?

The IRS has established "Operation Hidden Treasure," a collaboration between its Office of Fraud Enforcement and Criminal Investigation Division. The agency is providing training and tools to agents in order for them to locate and trace bitcoin transactions, as well as using "John Doe summonses" to compel cryptocurrency exchanges to reveal account holder information. A prior batch of summonses sent against Coinbase Inc. resulted in 10,000 letters, 577 modified income tax filings, and an extra $15 million in assessed penalties.