The US Secret Service is continuing its active measures against cryptocurrency crime, recovering significant funds and expanding its international operations.
Global Operations and Major Seizures
The U.S. Secret Service’s Global Investigative Operations Center (GIOC) has recovered close to $400 million in crypto assets related to fraud and other illegal activities over the past decade. One standout case involved the seizure of over $225 million in USDT, marking the largest recovery in a single crypto crime case. These funds were tied to international ‘pig butchering’ scams, where victims are deceived by fraudsters into investing under the pretense of online relationships.
Strengthening Blockchain Forensics
To track down illicit activity on the blockchain, the Secret Service is using cutting-edge forensic tools. These include advanced domain tracing, VPN tracking, and wallet flow analysis. The agency is also investing in global collaboration by offering training to law enforcement agencies and prosecutors in more than 60 countries, aiming to build a global defense network capable of tracing and recovering crypto assets.
Public-Private Collaboration
Partnerships with private sector companies have been vital to the Secret Service’s success. Major crypto firms like Coinbase and Tether have worked with authorities to freeze funds and return assets to victims. In one case, Coinbase helped trace over $2 million and flagged more than 130 victims, while Tether took steps to freeze wallets linked to fraud and return the funds to government custody.
The US Secret Service continues its vigorous fight against the rise of cryptocurrency fraud, which became the top form of cybercrime in the U.S. in 2024, resulting in losses exceeding $9.3 billion for Americans.
