Italian Authorities Uncover €1 Million in Undeclared Crypto Gains through Bitcoin Ordinals Trading

Italian financial investigators have successfully traced over €1 million in undeclared crypto-related gains tied to Bitcoin Ordinals trading, according to recent findings by Chainalysis.

The investigation centered on a suspect accused of concealing digital asset income while also unlawfully receiving public financial assistance. Authorities began reconstructing the activity after seizing a Ledger hardware wallet during a search operation.

By analyzing transaction records tied to the wallet and identifying repeated activity involving Bitcoin Ordinals and BRC-20 assets, investigators from the Economic and Financial Police Unit of Foggia were able to isolate the wallet cluster responsible for the crypto flows tied to alleged tax violations.