The U.S. Secret Service says it has seized $102 million U.S. in cryptocurrencies from criminals in connection with fraud-related investigations.
The Secret Service said its agents and analysts actively track the flow of Bitcoin (BTC) and other cryptocurrencies on the blockchain, looking for illegal activity. Best known for protecting presidents, the Secret Service also conducts financial and cybercrime investigations in the U.S.
The seizure of $102 million U.S. in illegal cryptocurrencies involved 254 cases dating back to 2015, according to the government agency.
Those cases include an investigation with the Romanian National Police in which 900 victims across the U.S. were targeted. That scheme involved posting false ads on popular online auctions and sales websites for luxury items that did not exist.
Other cases targeted a Russian cybercrime syndicate that used a cryptocurrency exchange to launder funds as well as a ransomware operation tied to Russian and North Korean criminals in which Bitcoin payments by U.S. companies to stop the attacks were sent to the suspects’ cryptocurrency wallets.
The Secret Service said it is finding that thieves will transfer stolen Bitcoin and other digital currencies into stablecoins. So, in order to track this activity, the agency is watching the stablecoin market closely.
