The U.S. Secret Service adapts its methods for combating crime to modern challenges in the crypto economy, employing analytical technologies to solve crimes.
New Investigative Methods
The U.S. Secret Service uses technology to fight crypto crime, including tracing funds through blockchain analysis, domain registration, and wallet data analysis. In a recent operation, agents traced stolen funds totaling $600 after a teenager reported being extorted.
Statistics of Crypto Crimes
In 2024, Americans reported losses of $9.3 billion due to crypto-related scams, accounting for over half of total losses estimated at $16.6 billion according to FBI data. The largest losses were suffered by older individuals due to fake investment platforms.
Collaboration with Crypto Companies
The Secret Service actively collaborates with cryptocurrency companies for transaction analysis and wallet freezing. Companies like Coinbase and Tether have acknowledged their assistance in investigations and recovery of funds related to fraud.
The U.S. Secret Service is advancing its investigations into crypto crimes, enabling effective combat against a new type of crime and fostering international collaboration.
