Over the past decade, the US Secret Service has accumulated cryptocurrency assets nearing $400 million mainly through fraud investigations. At the core of these seizures are 'pig butchering' scams, continuously funneling millions into the agency's wallets.
Crypto Asset Figures and Facts
The US Secret Service has seized hundreds of millions in digital assets over the past ten years, largely attributed to fraud scheme busts. Its biggest seizure amounted to a record $225.3 million, aided by collaborations with major players like Tether and Coinbase.
Fraud Investigation Strategies
The Global Investigative Operations Center (GIOC) serves as the agency's hub for tracking and recovering illicit funds. Analysts utilize open-source intelligence, blockchain forensics, and human error – like criminals forgetting to use a VPN – to uncover schemes. Under the leadership of attorney Kali Smith, the agency has trained officials in over 60 countries.
Crypto Fraud Issues and the Future
Despite the agency's successes, losses from crypto fraud continue to escalate. Americans lost $9.3 billion to crypto fraud in 2024. According to CertiK data, $2.47 billion was lost globally in the first half of 2025 due to hacks and phishing attacks. These incidents highlight the ongoing challenges in tackling crypto fraud, indicating a need for enhanced protective measures for users.
The US Secret Service has much work ahead, as its success in confiscating cryptocurrency still falls short of solving the ongoing fraud problem in the industry.
