🌍 The U.S. Secret Service is taking a proactive role in combating cryptocurrency fraud worldwide, providing training to officials in over 60 countries on how to utilize blockchain analysis for tracing digital financial crimes. According to Bloomberg, this initiative is particularly focused on regions with weak regulatory frameworks that are often exploited by financial criminals.
➡️ The free workshops aim to empower local law enforcement and prosecutors with the skills needed to detect fraudulent activities within blockchain data. Kali Smith, who leads the agency's cryptocurrency strategy, highlighted the program's impact:
"Sometimes after just a week-long training, they can be like, ‘Wow, we didn’t even realize that this is occurring in our country,"
emphasizing the transformative effect of the training.
🌟 A recent session in Bermuda exemplified this effort. Jamie Lam, a Secret Service investigative analyst, guided local law enforcement through real-world scam case studies. He showcased how open-source tools and technical expertise can trace illicit transactions back to specific IP addresses and wallets. Lam's team, part of the Global Investigative Operations Center (GIOC), has successfully recovered nearly $400 million in digital assets over the past decade, leveraging the agency's extensive experience in cyberfinancial enforcement.
💰 With crypto fraud now representing the majority of internet crime losses in the U.S.—amounting to $9.3 billion reported in 2024—the Secret Service is strategically using blockchain transparency as a tactical advantage. By equipping global partners with these skills, the agency is expanding its influence beyond national borders in the fight against cryptocurrency-related crime.