Coinbase announced its significant contribution to an investigation initiated by the US Secret Service that led to the seizure of $225 million related to cryptocurrency fraud.
Coinbase's Role in Investigation
Coinbase stated that in June 2023, it supported an investigation that became the largest in the history of the US Secret Service for cryptocurrency seizures. In collaboration with other exchanges, Coinbase actively participated in transaction analysis to identify fraud victims.
Data on Affected Users
Between February 26 to 29, 2022, Coinbase's team traced millions of crypto transactions to illicit wallets. These actions allowed them to identify over 130 Coinbase users who became victims of scammers, representing a total loss of $2.3 million.
Global Efforts on Seizing Stolen Crypto
Despite the successes at the US level, issues with crypto fraud remain on a global scale. In 2023, law enforcement in Australia and Germany also conducted significant seizures of cryptocurrency related to various fraudulent schemes.
The collaboration between Coinbase and the US Secret Service highlights the importance of effective interaction between cryptocurrency exchanges and law enforcement in combating fraud in the cryptocurrency space.
