US Secret Service seizes $102 million worth of crypto

Alex Dovbnya

The US Secret Service has seized more than $100 million worth of criminally infected cryptocurrencies since 2015

The US Secret Service has seized a total of $102 million worth of cryptocurrencies, according to a recent report by CNBC

It has built up the aforementioned amount after 254 cases that have taken about seven years.

One of the criminal schemes uncovered by the Secret Service involved scammers who published fake luxury goods ads on the Internet and issued false invoices. The perpetrators would convert their ill-gotten money into crypto to cover their tracks.

David Smith, the enforcement agency’s deputy director of investigations, claims that cryptocurrency transaction tracking is similar to email tracking due to “correlation IDs”.

Smith adds that criminals typically try to “cloud the waters” by using cryptocurrencies. That’s why it’s important to deconstruct them quickly.

While the Secret Service is best known for protecting American political leaders and their families, it is also charged with protecting the integrity of the American economy. Founded in 1865, the agency was originally focused on combating widespread counterfeiting, but then expanded.

In February, the Secret Service launched a cryptocurrency awareness hub to prevent the illicit use of digital assets.

In 2015, Shaun W. Bridges, a corrupt US Secret Service agent, pleaded guilty to stealing approximately $800,000 during the US government’s investigation of the online black marketplace Silk Road. In 2017, the former officer was sentenced to an additional prison sentence.

According to Glassnode dataThe US government owns approximately $4 billion in seized Bitcoin, making it one of the top holders of the largest cryptocurrency alongside business intelligence MicroStrategy and asset manager Grayscale.

The government regulator is organizing auctions to sell its huge stock of crypto.

Leave a Reply

Your email address will not be published.