#DYMBinanceHODL U.S. Secret Service seized 400 million dollars in cryptocurrencies in the last decade

The Secret Service has quietly amassed one of the richest cold cryptocurrency wallets in the world with 400 million dollars seized, dismantling scams through blockchain investigation and VPN failures.

U.S. Secret Service seized 400 million dollars in cryptocurrencies in the last decade

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The U.S. Secret Service has discreetly seized nearly 400 million dollars in digital assets over the last decade, amassing one of the largest cold cryptocurrency wallets in the world, Bloomberg reported on Saturday, citing sources familiar with the matter.

The agency's Global Investigative Operations Center (GIOC) has tracked funds through open-source tools, blockchain analysis, and patience, Jamie Lam, a research analyst at the U.S. Secret Service, reportedly told law enforcement officials last month.

The agency's cryptocurrency treasure, much of which resides in a single cold storage wallet, is the result of a series of investigations into scams. In a typical scheme, scammers lure their victims to seemingly legitimate cryptocurrency investment platforms. Victims often see initial gains before the sites disappear with their money.

"This is how they do it," Lam said. "They'll send you a picture of a really attractive guy or girl. But it's probably an old man in Russia."

Source: U.S. Secret Service

Blockchain traces unmask cryptocurrency scams

Lam's team uses domain records, blockchain transactions, and VPN failures to identify scammers. In one case, a cryptocurrency payment led investigators to another wallet. In another, a brief VPN failure exposed an IP address, helping agents reconstruct the digital trail of the scam.