The US Secret Service, particularly through its Global Investigative Operations Center, has excelled in recovering large sums of digital assets, making it difficult for cybercriminals in the cryptocurrency industry.
Increased Efforts to Combat Crypto Crime
Over the past decade, the Global Investigative Operations Center (GIOC) of the US Secret Service has quietly recovered nearly $400 million in digital assets, solidifying its position as a formidable player in combating cryptocurrency-related crimes. GIOC investigators use open-source tools to trace fraudulent activities across borders.
Global Training and Collaboration Program
Kali Smith, head of cryptocurrency strategy at the Secret Service, plays a central role in training and collaborating with law enforcement in over 60 countries. During a recent workshop in Bermuda, where the potential for crypto fraud was discussed, Smith noted that many countries are unaware of the problem's scale until trained.
Rising Losses from Cryptocurrency Fraud
Digital asset fraud has become the leading cause of cybercrime losses in the US. In 2024, Americans lost $9.3 billion due to schemes related to cryptocurrency. The elderly were especially hard hit, losing approximately $2.8 billion. In some instances, cryptocurrency theft has escalated to real-world violence.
The US Secret Service emphasizes the importance of strategic efforts in combating cybercrime and will continue its mission to train international agencies to enhance security in the cryptocurrency industry.
