Ace quick missions & earn crypto rewards while gaining real-world Web3 skills. Participate Now! 🔥
Key Takeaways
Ace quick missions & earn crypto rewards while gaining real-world Web3 skills. Participate Now! 🔥
The Global Investigative Operations Center (GIOC), a division of the US Secret Service, has recovered close to $400 million in cryptocurrency over the past ten years.
Most of these seized funds are stored in one offline wallet, which ranks among the largest government-held crypto reserves, according to a July 6 report by Bloomberg.
Using blockchain records, public information, and careful investigation, the GIOC follows the money behind online scams.
Did you know?
Subscribe - We publish new crypto explainer videos every week!
What is a Bitcoin & How Does it work? (Animated Explainer)
Jamie Lam, the US Secret Service's analyst, told officials in Bermuda that fraudsters often create fake investment websites, which show small early gains to trick victims before disappearing with their deposits. To lure targets, scammers often use photos of attractive people, though the person behind the screen is usually someone entirely different.
Agents work by piecing together small details, such as website registration data, transaction links, or even minor mistakes by suspects.
In one case, a single crypto transfer pointed investigators to another wallet tied to the same scheme. In another instance, a brief lapse in VPN protection revealed a scammer’s actual location.
Kali Smith leads the Secret Service’s crypto investigations and oversees training programs in more than 60 countries. These programs help officials in other nations recognize fraud and tighten oversight, particularly in areas where financial controls are weak or where residency programs are exploited.
Smith noted that many are surprised to learn such crimes are already active in their own regions.
Recently, the crypto exchange Coinbase helped the US Secret Service recover $225 million linked to crypto investment scams. How? Read the full story.
To ensure the highest level of accuracy & most up-to-date information, BitDegree.org is regularly audited & fact-checked by following strict editorial guidelines & review methodology.
Carefully selected industry experts contribute their real-life experience & expertise to BitDegree's content. Our extensive Web3 Expert Network is compiled of professionals from leading companies, research organizations and academia.