Coinbase Aids US Secret Service in $225M Crypto Seizure

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Coinbase Aids US Secret Service in $225 Million Crypto Seizure

Written by Aaron S.,

Editor-In-Chief

Last Updated: June 25, 2025

Key Takeaways

Coinbase helped the US Secret Service recover $225 million tied to crypto investment scams;
The operation uncovered 130 victims and traced scam funds through blockchain data;
Over 140 OKX wallets were linked to scam operations run from Southeast Asia compounds.

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Coinbase Aids US Secret Service in $225 Million Crypto Seizure

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Coinbase $1.7B has announced it assisted the US Secret Service in a large-scale investigation that led to the recovery of $225 million connected to online fraud.

The operation focused on "pig butchering" scams, fraud schemes where victims are tricked into sending money through fake investments.

According to a June 18 filing by the Department of Justice, this was the largest cryptocurrency seizure the Secret Service has made to date.

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Coinbase said in a blog post published on June 24 that its team worked closely with the agency and other exchanges throughout 2024 to trace the stolen assets and help identify people who had been scammed.

The company explained that during a four-day period in February 2024, it analyzed blockchain records and account activity. This allowed them to track how the funds moved and spot wallets that had received scam-related crypto.

With the help of subpoenas, Coinbase was able to identify over 130 of its users who had sent cryptocurrency to scam wallets. The total loss from those accounts was around $2.3 million, the company said.

The investigation also discovered about 140 wallets on the exchange OKX $1.75B linked to the stolen funds. Many of those accounts were connected to individuals working under pressure in scam compounds in Southeast Asia, according to Coinbase.

Coinbase noted that this entire process was visible on the blockchain. It said this shows how public records in crypto can support investigations and provide clear evidence of asset movement.

Recently, Coinbase announced that it is making progress in resolving unnecessary account freezes. What did the exchange say? Read the full story.