The US Secret Service has seized approximately $400 million in assets over the past few years thanks to its investigations into digital crime.
Volume of Seized Assets
Most of the agency's assets are held in a single cold wallet, making it one of the largest in the world. These funds have been accumulated through numerous investigations, with GIOC specialists tracking the funds using open source tools and blockchain analysis.
Digital Currency Fraud
According to reports, a significant portion of internet crime losses in the US stems from digital currency-related fraud. In 2024, Americans lost $9.3 billion, accounting for more than half of the total $16.6 billion in losses. The elderly have become victims of fraudulent schemes, losing nearly $2.8 billion, primarily due to bogus investment websites. Victims are lured by promises of profitable crypto investments through online communication. Initial deposits yield small but steady returns, but when clients increase their investments, the platform shuts down, and their balances disappear. The largest seizure in GIOC's history, over $225 million in Tether (USDT) stablecoins, is linked to this scheme.
Collaboration with the Crypto Industry
GIOC experts also employ blockchain data and other methods to uncover crimes. In one case, investigators identified a domain name registered by scammers after exploiting a brief VPN failure. In another case, an unknown individual blackmailed an Idaho teenager by threatening to send an intimate photo to his relatives. The teenager paid $300 twice before contacting the police. GIOC reconstructed the timeline of extortion using blockchain data and various materials, resulting in the arrest of a suspect in the UK. Additionally, GIOC actively collaborates with partners in the crypto industry to recover stolen digital assets. Coinbase and Tether have confirmed their assistance in several recent cases, including providing information and freezing wallets.
The US Secret Service continues to actively combat digital crime and aims to protect citizens from cryptocurrency fraud.
