Over the past decade, the US Secret Service has seized nearly $400 million in cryptocurrency through its Global Investigative Operations Center (GIOC), accumulating one of the world's largest crypto cold wallets. The agency targeted fraudulent investment platforms where victims saw fake profits before operators vanished with funds, particularly impacting older individuals.
The Secret Service collaborated with Tether and Coinbase to analyze blockchain transactions and freeze suspicious wallets. A notable operation recovered $225 million in USDT linked to romance-investment scams. Tether CEO Paolo Ardoino emphasized their commitment to compliance, stating: "We are setting the standard for compliance in digital assets."
Despite Americans reporting $9.3 billion in crypto scam losses in 2024 (over half of all internet crime losses), illicit activity's share of crypto transactions fell to 0.4% (from 0.86% in 2023) amid surging legitimate volumes. The agency now trains officials in over 60 countries to combat evolving fraud tactics exploiting DeFi vulnerabilities.