US Secret Service Seizes $102 Million in Cryptocurrency Since 2015

US Secret Service has seized over $102 million in cryptocurrency in 254 fraud investigations.

Over the past seven years, the U.S. Secret Service has seized digital assets totaling more than $102 million in investigations into 254 fraud cases, according to CNBC.

The agency’s core tasks include preventing the counterfeiting of dollars and debt securities, protecting the president and senior officials, and investigating various forms of financial fraud and cybercrime.

“When you monitor a cryptocurrency wallet, it is no different from an email address that has certain identifying markers. And as soon as two parties complete a transaction, it enters the blockchain, and we gain the ability to trace that email address or wallet,” explained Deputy Director of Investigations David Smith.

One of the cases concerns a scam that affected 900 U.S. citizens. The investigation was conducted by Romanian police—the scheme involved posting fake listings on online auctions and luxury goods sites. After payment, the criminals disappeared, and the money obtained was laundered through cryptocurrencies.

In August 2020, the Department of Justice filed a cryptocurrency-forfeiture action against 280 accounts. According to the agency, they were linked to attacks carried out by North Korean hackers.

In March 2022, a resident of Massachusetts was sentenced to eight years in prison for drug trafficking, and cryptocurrency worth about $2.3 million was seized.

Chainalysis described darknet markets as the largest source of illicit cryptocurrency proceeds. In 2021, cybercriminals laundered $8.6 billion in digital assets, up 30% from 2020.

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