Secret Service Strikes Big: $400M in Crypto Recovered from Criminals

U.S. Secret Service Recovers Nearly $400 Million in Crypto from Criminals

The U.S. Secret Service's Global Investigative Operations Center (GIOC) has successfully recovered $400 million in digital assets from criminals over the past decade, according to a recent Bloomberg report. A significant portion of these funds is stored in a single cold-storage wallet, highlighting the scale of these operations.

Historic Seizures and Collaborative Efforts

In June, the Secret Service, alongside the FBI and the U.S. Attorney’s Office, filed to seize $225 million in crypto, marking the largest seizure in the team's history. This effort is part of a broader strategy to combat crypto-related crimes, echoing the agency's original mandate to fight financial fraud.

Global Training Initiatives

The GIOC has also conducted free, week-long training sessions in over 60 countries, equipping local law enforcement with the skills to identify and prevent crypto-based scams. Kali Smith, the lawyer leading the department's cryptocurrency strategy, noted that many officials are unaware of the extent of crypto crimes in their regions until after these trainings.

Industry Collaboration

Coinbase and Tether have played pivotal roles in aiding these efforts. Coinbase assisted in tracking stolen funds, while Tether onboarded the FBI and Secret Service to its platform to facilitate asset freezing and seizures.