The cryptocurrency exchange Coinbase announced its assistance in a scam investigation leading to the seizure of over $225 million in the US. This article discusses the details of the incident and the rise of fraudulent schemes.
Seizure of Cryptocurrency from Scammers
Last week, Coinbase reported that it assisted the US Secret Service in recovering millions in cryptocurrency linked to a 2023 scam case. The Secret Service confirmed that the seizure of $225.3 million marked the largest cryptocurrency seizure in its history.
Investigation Methods and Cooperation
The US Secret Service conducted the investigation in collaboration with the FBI and the US Attorney's Office. According to their findings, dozens of victims were identified in the US and over 400 worldwide. Agents reportedly used blockchain analysis and other investigative techniques to establish connections between the crypto funds, theft, and money laundering.
Increase in Scam Cases in 2024
According to a Chainalysis report, scam cases involving 'pig butchering' and other schemes significantly increased in 2024. Revenue from pig butchering rose by 40%, and deposits to these scams surged by 210% compared to 2023, indicating a shift in scammers' strategies.
The situation regarding fraud in the cryptocurrency industry remains critical, and while Coinbase is taking steps to assist local authorities, the scale of abuses continues to grow, affecting numerous victims worldwide.
