Kraken collaborated with the United States Secret Service on a crypto fraud investigation, resulting in the largest-ever crypto seizure of approximately $225 million.
The fraudsters utilized social engineering tactics, known as 'pig butchering,' to deceive victims into fake cryptocurrency investments, leading to significant financial losses.
The $225 million in question was frozen by Tether in 2023 and linked to a Department of Justice investigation. Kraken's assistance in identifying victims was crucial for the seizure warrant.
Kraken's dedicated cooperation with law enforcement, rapid response in providing crucial information, and commitment to protecting client assets emphasize their role in combating fraud and maintaining trust in the crypto community.