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U.S. Secret Service Quietly Becomes a Leading Crypto Cop as Digital Fraud Soars: Bloomberg
FARIDABAD, HARYANA, INDIA, JUL 6 – The 39-year-old suspect allegedly funneled over Rs2.2 billion through fake accounts and sent 70% of stolen funds to a Dubai partner, duping thousands in a crypto investment scam.
- Over the past ten years, the U.S. Secret Service has become a leading agency in combating cryptocurrency fraud, confiscating close to $400 million in digital assets.
- This increased focus follows a surge in crypto scams, with Americans reporting $9.3 billion in losses in 2024, more than half of total internet-crime losses.
- The agency's Global Investigative Operations Center uses blockchain analysis, subpoenas, and open-source tools to trace stolen funds and trains law enforcement globally, including recent workshops in Bermuda.
- Patrick Freaney, who leads the agency’s field office in New York responsible for Bermuda, highlighted the organization’s enduring commitment by noting they have been tracking financial flows for 160 years.
- These efforts suggest evolving tactics to address crypto crimes may improve asset recoveries and global cooperation, while risks persist in crypto-friendly regions like Bermuda.
15 Articles
15 Articles
Secret Service in US expands a global push against Crypto scams
By Myles Miller, Bloomberg News The scam began with a message, then a friendly exchange. A stranger directed the victim to a cryptocurrency investment site that appeared professional — slick design, charts, even customer support. The first deposit showed a modest profit. So did the next. Encouraged, the victim sent more, even borrowing money to keep up. Then, without warning, the platform stopped responding. The account balance disappeared. “Tha…
Secret Service in US expands a global push against Crypto scams - West Hawaii Today
The scam began with a message, then a friendly exchange. A stranger directed the victim to a cryptocurrency investment site that appeared professional — slick design, charts, even customer support. The first deposit showed a modest profit. So did the next. Encouraged, the victim sent more, even borrowing money to keep up. Then, without warning, the platform stopped responding. The account balance disappeared.
US authorities are on the lookout for crimes and frauds committed with ransom demands in digital currencies
U.S. Secret Service Launches New Crypto Fraud Crackdown Campaign Amid Nearly $400,000,000 Scam Epidemic: Report - The Daily Hodl
The U.S. Secret Service is reportedly launching a new campaign against crypto scams with a new team that specializes in digital financial crimes. Bloomberg reports that the agency’s Global Investigative Operations Center (GIOC) uses software, subpoenas and spreadsheets to identify and go after criminals behind fraudulent crypto scams, including pig butchering operations that offer fake investments to victims. Citing people familiar with the mat…
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Cryptocurrency information | Cryptocurrency News | Bitcoin News and Crypto Guide…U.S. Secret Service Quietly Becomes a Major Crypto Holder After $400M Seizure
The post U.S. Secret Service Quietly Becomes a Major Crypto Holder After $400M Seizure appeared first on Coinpedia Fintech News Over the past decade, the U.S. Secret Service has quietly become one of the largest holders of crypto, though not by investment. Instead, it has seized nearly $400 million...
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