Secret Service Expands Global Crypto Crackdown
US Secret Service boosts cross-border blockchain tracing and seizes $400M+ in crypto from scams.
- Secret Service GIOC recovers ~$400M in crypto assets.
- Conducts training in 60+ countries on blockchain forensics.
- Largest seizure: over $225M USDT; global collaboration key.
Global Reach and Massive Seizures
The U.S. Secret Service’s Global Investigative Operations Center (GIOC) is taking major steps in its fight against cryptocurrency-related crime. Over the past decade, the agency has recovered close to $400 million in crypto assets linked to fraud, scams, and other illegal activities. One standout case involved the seizure of over $225 million in USDT—the largest-ever recovery in a single crypto crime case. This was tied to international “pig butchering” scams, where victims are tricked into fraudulent investments under the guise of online relationships.
Strengthening Blockchain Forensics
To track down illicit activity on the blockchain, the Secret Service is using cutting-edge forensic tools. These include advanced domain tracing, VPN tracking, and wallet flow analysis. The agency is also investing in global collaboration by offering training to law enforcement agencies and prosecutors in more than 60 countries. The goal is to build a global defense network capable of tracing and recovering crypto assets across borders.
Public-Private Collaboration in Action
Partnerships with private sector companies have been vital to the Secret Service’s success. Major crypto firms like Coinbase, Tether, and OKX have worked with authorities to freeze funds, identify bad actors, and return assets to victims. In one case, Coinbase helped trace over $2 million and flagged more than 130 victims, while Tether took steps to freeze wallets linked to fraud and reissued the funds to government custody.
Growing Threat of Crypto Scams
Crypto scams have surged, becoming the top form of cybercrime in the United States. In 2024 alone, Americans lost over $9.3 billion to crypto fraud. Officials warn that such schemes are increasingly linked to violent crimes like kidnapping and extortion, pushing authorities to act fast and smart in combating these evolving threats.
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