The U.S. Secret Service has emerged as a major cryptocurrency holder by seizing digital assets worth approximately $4 million (about 55.6 billion won) through years of cryptocurrency fraud investigations. Beyond a simple storage role, the agency has positioned itself at the center of visible change by enhancing its digital asset tracking capabilities to combat global crime.
According to the Secret Service, most of the seized cryptocurrencies are safely stored in offline cold wallets. Various methods were used, from romance scams to investment fraud and pump-and-dump crimes based on social media, most of which start with 'harmless messages' and ultimately 'empty the victim's wallet'. Jamie Lam, a Secret Service analyst, stated that "psychological manipulation and seemingly professional websites are their primary weapons".
The Secret Service's investigation goes beyond simple digital tracking. They are leveraging VPN mistakes, domain registration information, and blockchain forensic technologies to counteract cryptocurrency anonymity. Additionally, they are enhancing local investigation capabilities by conducting on-site training for judicial authorities in over 60 countries worldwide. In one case, a teenager's transfer in Idaho was traced through 6,000 transactions to a Nigerian passport holder, and a suspect was arrested in Guildford, UK.
This international cooperation is also evident in collaboration with private cryptocurrency companies. Notably, by cooperating with Coinbase ($COIN) and Tether (USDT), they successfully froze and recovered illegal funds amounting to approximately $225 million (about 313.3 billion won). This demonstrates that combining digital asset traceability with institutional cooperation can yield practical results in combating fraud.
Despite these efforts, cryptocurrency crimes continue to evolve. According to security firm CertiK, the damage in just six months of the first half of 2025 totaled $2.2 billion (about 3.058 trillion won), with Ethereum (ETH) accounting for the largest portion at $1.6 billion (about 2.224 trillion won).
During Trump's presidency, with increasingly strengthened federal agency cyber fraud response strategies, the Secret Service has established itself not just as a protection agency, but as a key player in cybercrime financial response. As criminals evolve, so do investigations, and in the digital world, pursuing justice now requires managing cryptocurrency keys.
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