The U.S. Secret Service, better known for protecting American presidents, has emerged as a major force in the fight against cryptocurrency crime, Bloomberg reported on Saturday.Through its Global Investigative Operations Center (GIOC), the agency has seized nearly $400 million in digital assets over the past decade. Much of that sits in a single cold wallet that is now among the most valuable globally.With digital fraud driving a majority of internet crime in the U.S., losses tied to crypto scams reached $9.3 billion in 2024, FBI data show. Investment frauds, fake platforms and extortion schemes disproportionately affect older victims, who lost nearly $2.8 billion last year. The GIOC uses open-source tools, subpoenas and blockchain analysis to trace stolen funds.Led by attorney Kali Smith, the unit trains law enforcement globally, targeting jurisdictions vulnerable to lax oversight. A recent workshop in Bermuda underscored the risks facing crypto-friendly regions. Industry partners like Coinbase and Tether have assisted in large-scale recoveries, including $225 million in USDT tied to romance-investment scams.“This training is part of our mission,” said Patrick Freaney, head of the New York field office. “We’ve been following the money for 160 years.”CORRECT (July 7, 08:43 UTC): Corrects that the Bloomberg report was published on Saturday, not Monday.
U.S. Secret Service Quietly Becomes a Leading Crypto Cop as Digital Fraud Soars: Bloomberg
