The US Secret Service has announced an intensifying effort against international cryptocurrency scams, which cause significant harm to individuals worldwide.
Scope of Cryptocurrency Scams
The US Secret Service reports that it has seized nearly $400 million worth of digital assets over the past decade, a figure that has only come to light recently. Cryptocurrency fraud contributes significantly to total losses, with $9.3 billion of the $16.6 billion in reported internet crime in the US in 2024 being related to crypto.
Methods of Scammers
GIOC analyst Jamie Lam described how scammers operate: "They send you a photo of a young person, but in reality, it's probably an old man in Russia." Fraudulent investment sites lure victims with small profits, then vanish with their funds. According to Lam, it often takes patience and software tools to track down these criminals.
Collaboration with Partners and Consequences
The Secret Service is actively working with industry partners to recover stolen funds. Companies like Coinbase and Tether assist with wallet analysis and asset freezes. One case, where $225 million in USDT was recovered, is considered one of the largest recoveries to date.
The Secret Service's efforts to combat cryptocurrency fraud highlight the importance of protecting citizens' interests and the need for more robust investigations into cybercrimes.
