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Secret Service in US Expands a Global Push Against Crypto Scams
UNITED STATES, JUL 5 – The US Secret Service recovered nearly $400 million in cryptocurrency from scams driving most US internet-crime losses, aided by global partnerships and advanced tracing methods.
- In 2024, the US Secret Service is expanding its worldwide efforts to fight cryptocurrency fraud, including conducting training sessions in Bermuda and other locations.
- This effort comes in response to a rise in crypto-related fraud, with Americans reporting $9.3 billion in such scams in 2024—accounting for over 50% of the total $16.6 billion recorded that year.
- The agency’s Global Investigative Operations Center uses software and blockchain data to trace illicit funds and reconstruct schemes, as demonstrated in cases like the Idaho teenager's extortion.
- Patrick Freaney, director of the agency's New York field office, emphasized the organization's extensive 160-year history of tracking financial activities, underscoring their deep expertise and cooperative methods.
- Over the last ten years, these initiatives have resulted in arrests overseas and the confiscation of digital assets totaling close to $400 million, highlighting the importance of global collaboration in tackling cryptocurrency-related crimes.
21 Articles
21 Articles
Secret Service in US expands a global push against crypto scams
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. “That’s how they do it,” Jamie Lam, …
In the United States, the secret services are increasingly interested in crypto scams, especially by training their foreign counterparts. What do we know about the actions that are being carried out? The article US secret services attack crypto scams first appeared on Cryptoast.
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