A naukri.com initiative
Cryptonews
1w
124
US Secret Service Becomes Major Crypto Custodian After US$400M Seizure
- The US Secret Service has seized nearly US$400 million in cryptocurrencies over the past decade, with a significant portion stored in a single cold wallet, making it one of the largest in the world. The most substantial recovery was US$225 million in Tether linked to romance-investment scams.
- The success in recovering these assets is attributed to the Global Investigative Operations Center (GIOC), the Secret Service's cybercrime unit, which tracks illicit funds through blockchain analysis, open-source data, and investigative patience. Operations have been dismantled by linking wallet activity, domain records, and exposed IP addresses due to VPN failures.
- The Secret Service's cryptocurrency strategy leader, Kali Smith, has conducted training in over 60 countries to help local authorities identify crypto fraud using blockchain tools. This initiative aims to empower jurisdictions with inadequate financial oversight to combat crypto-related crimes effectively.
- With support from firms like Coinbase and Tether, the Secret Service has emerged as a major crypto custodian in law enforcement globally. Crypto fraud now constitutes a significant portion of US internet crime losses, with the FBI reporting $9.3 billion in crypto-related fraud in 2024 alone.
Read Full Article
7 Likes
For uninterrupted reading, download the app