The U.S. Secret Service, traditionally known for its role in protecting American presidents, has taken on a prominent position in addressing cryptocurrency crime, as reported by Bloomberg on July 7.

• The agency’s Global Investigative Operations Center (GIOC) has confiscated approximately $400 million in digital assets over the last ten years, much of which resides in a significant cold wallet, now considered one of the most valuable globally.
• The GIOC employs tools including blockchain analysis and subpoenas to track down stolen funds.

With digital fraud accounting for a major portion of internet crime in the U.S., losses attributed to cryptocurrency scams hit $9.3 billion in 2024, with older victims disproportionately affected. Notably, $2.8 billion was lost by this demographic last year.

The GIOC also conducts global training for law enforcement to handle jurisdictions with less stringent oversight, exemplified by its most recent workshop held in Bermuda.

Industry partners such as Coinbase and Tether have played key roles in significant recoveries, including $225 million in USDT linked to romance-investment frauds. According to Patrick Freaney, head of the New York field office, “This training is part of our mission. We’ve been following the money for 160 years.”