Secret Service Seizes More Than $102 Million Crypto Assets

Secret Service Seizes More Than $102 Million Crypto Assets: Latest Updates

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Secret Service Seizes More Than $102 Million Crypto Assets: Latest Updates

In line with fraud-related investigations, the US Secret Service is cracking down on illegal digital currency transactions, seizing more than $102 million in bitcoin from offenders.

Agents and analysts regularly watch the flow of Bitcoin and other cryptocurrencies on the blockchain, comparable to old-fashioned surveillance, according to David Smith, assistant director of investigations. The Secret Service is most recognized for protecting presidents, but it also conducts financial and cybercrime investigations.

Tracking a digital currency wallet is “no different from following an email address with certain related identifiers,” Smith said in an interview at the agency’s offices. “And if a person and another person carry out a transaction that is recorded on the blockchain, we can monitor that email address, or wallet address, as it is known, through the blockchain.”

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According to information provided by the department, more than $102 million in cryptocurrency has been seized in 254 cases since 2015. Among these examples is one with the Romanian National Police, which targeted 900 individuals across the United States. This operation entailed posting bogus adverts for expensive things that did not exist on famous online auction and sales websites,

as well as supplying invoices ostensibly from respected organizations to make the transactions appear legitimate. According to the Secret Service, the criminals then engaged in a money-laundering operation in which the victims’ funds were turned into digital assets. Other investigations centered on a Russian cybercrime ring that utilized a cryptocurrency exchange to launder money,

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Secret Service Seizes More Than $102 Million Crypto Assets

as well as a ransomware campaign related to Russian and North Korean criminals, in which US companies paid the suspects in Bitcoin to stop the attacks.”One of the things about cryptocurrencies is that it moves money at a faster rate than traditional formats,” Smith said, adding that the speed of transactions appeals to both customers and criminals in the United States.

“Criminals strive to muddy the waters and hide their activities as much as possible.” What we want to do is follow it as rapidly as possible, as aggressively as possible, and in a linear manner.”Smith was interviewed in the CIA’s Global Investigative Operations Center, or “GIOC,” where agents and analysts in a secure room at the agency’s headquarters track cryptocurrency transactions around the world.

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He likened staring at a “house of mirrors” to looking at the illicit digital money trail. The Secret Service, according to Smith, seeks to “dig a little deeper into those transactions and destroy [them]” once the illicit activity has been discovered. According to police, thieves are converting stolen Bitcoin and other digital currencies into stablecoins.

As a result, they’re keeping a close eye on the market to monitor this behavior. “Because, you know, criminals are human beings as well.” “They want to avoid the market volatility of some of the major cryptocurrencies,” he stated.

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