The United States Secret Service has confiscated approximately $400 million in cryptocurrency from criminal enterprises, storing the assets in cold wallets following investigative operations. This milestone resulted from tracing blockchain transactions and exploiting security lapses, including VPN failures that exposed scammers’ IP addresses.
Crypto-related fraud losses in the U.S. reached $9.3 billion in 2024. During the first half of this year, losses grew to $2.47 billion—a 3% year-over-year increase. The Secret Service’s Global Investigative Operations Center (GIOC) spearheads these efforts using advanced blockchain analytics to dismantle illicit networks.
Collaboration with industry leaders including Coinbase and Tether has enabled the recovery of stolen funds, notably $225 million from major scams. Investigations highlight how criminals exploit nations with weak regulatory oversight or residency-for-sale programs to obscure illicit activities.
Officials emphasize that ongoing public awareness and private-sector partnerships are crucial for asset recovery and combating cryptocurrency crimes. These strategies enhance law enforcement’s ability to disrupt sophisticated fraud operations globally.