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U.S. Secret Service confiscated $102 million worth of cryptocurrency in 7 years

U.S. Secret Service confiscated $102 million worth of cryptocurrency in 7 years

Since 2015, the U.S. Secret Service has made 254 seizures of cryptocurrency assets worth $102 million. As for the confiscated funds, the attackers stole them as a cryptocurrency or converted them into digital assets after stealing.

According to CNBC, confiscations were carried out as part of an investigation conducted in cooperation with the Romanian National Police. In this country, criminals created fictitious websites selling luxury goods, as well as conducting online auctions. 900 U.S. citizens were affected, and their funds were converted into cryptocurrency.

“Tracking a digital wallet is quite similar to tracking an email address. It is also linked to senders and recipients. When someone conducts a transaction using that wallet, we can detect it by tracing it on the blockchain,” David Smith, deputy director of investigative services, explained in an interview with CNBC.

The Secret Service also seized funds from Russian cybercrime groups that used cryptocurrency to launder funds or extort bitcoins from U.S. companies.

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