The Secret Service, known for protecting the U.S. President, has become the main force in combating cryptocurrency crime. Bloomberg reported on Saturday.
Through its Global Investigation Operations Center (GIOC)The agency has seized nearly $400 million in digital assets over the past decade. Most of them are located in a cold wallet, which is now the most valuable in the world.
As digital fraud causes most of the Internet crimes in the United States, the losses related to crypto scams reached $9.3 billion in 2024, FBI data shows. Investment fraud, fake platforms and ransomware programs disproportionately affect older victims, who lost nearly $2.8 billion last year. GIOC uses open source tools, subpoena and blockchain analytics to track stolen funds.
The unit is led by attorney Kali Smith, which trains law enforcement across the globe for jurisdictions that are vulnerable to oversight. A recent workshop in Bermuda highlights the risks faced by crypto-friendly regions. Industry partners such as Coinbase and Tether have assisted with large-scale recycling, including $225 million in connection with romance scams.
“This training is part of our mission,” said Patrick Freaney, head of the New York Field Office. “We have been following the money for 160 years.”
Correct (July 7, 08:43 UTC): Corrections Bloomberg Report was released on Saturday, not Monday.
