Coinbase Assists Secret Service in Seizing $2.25 Billion Worth of "Stolen" Cryptocurrency

BlockBeats News, June 25th, Cryptocurrency exchange platform Coinbase said on Tuesday that it "played a key role" in the U.S. Secret Service's seizure of approximately $225 million worth of "stolen" encrypted assets. This case dates back to 2023. Last week, the U.S. Secret Service, Federal Bureau of Investigation (FBI), and U.S. Attorney's Office jointly filed a seizure application to seize approximately $225 million in cryptocurrency from alleged fraudsters.

As early as December 2023, Tether had frozen approximately $225 million worth of USDT, which was believed to be held in a self-custodial wallet at the time and was suspected to be connected to a human trafficking group involved in a "swoop and squat" romance scam. As one of the largest cryptocurrency companies in the United States, Coinbase stated that it assisted in tracing the movement of these stolen funds on-chain and helped identify victims eligible for compensation.

The Secret Service's Special Agent in Charge, Shawn Bradstreet, stated last week that this operation was the "largest cryptocurrency seizure case in Secret Service history." The U.S. Department of Justice also expressed its gratitude for Tether's active cooperation in this investigation.