Cryptocurrency exchange Coinbase announced that it played a key role in the U.S. Secret Service's seizure of "stolen" cryptocurrencies worth $225 million, which is related to a fraud investigation that began in 2023.
According to The Block on the 24th (local time), Coinbase, a cryptocurrency exchange, announced on Tuesday that it played a "key role" in the U.S. Secret Service's seizure of "stolen" cryptocurrencies worth $225 million.
Last week, the U.S. Secret Service, FBI, and U.S. Attorney's Office applied for an order to seize cryptocurrencies worth approximately $225 million from fraud suspects. In December 2023, Tether froze approximately $225 million worth of USDT stored in a self-custody wallet, which was reportedly linked to a "pig butchering" romance scam operated by a human trafficking organization.
Coinbase, one of the largest cryptocurrency companies in the United States, stated that it helped track the stolen funds on-chain and identify victims eligible for compensation.
U.S. Secret Service Special Agent Shawn Bradstreet said last week that this seizure is the "largest cryptocurrency seizure in U.S. Secret Service history". The Department of Justice also expressed gratitude for Tether's active support in this investigation.
Tether, which previously faced reputation issues related to USDT stablecoin, quickly celebrated this achievement last week. The world's largest stablecoin issuer stated in a statement, "This action is based on Tether's broad efforts to lead the digital asset industry in regulatory compliance, transparency, and global crime prevention." It added, "To date, Tether has frozen and blocked over $2.7 billion in USDT linked to illegal activities."
In its Tuesday statement, Coinbase specifically explained how it supported the U.S. Secret Service investigation. The company stated, "Coinbase team members spent days tracing back millions of dollars in cryptocurrency transactions from illegal wallets to platform transfers and analyzing account activities to mark victims."
Coinbase advised that anyone who believes they are a victim can report to the FBI Internet Crime Complaint Center.
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