Secret Service Expands Global Crypto Crackdown Following $400M in Seizures

Through sophisticated blockchain analytics, artificial intelligence, and partnerships with leading cryptocurrency firms, the U.S. Secret Service has uncovered vast criminal operations that span continents. Central to these efforts is the agency’s Global Investigative Operations Center (GIOC), which leverages open-source intelligence, advanced tracing tools, and detailed analysis to track illicit digital funds. According to a Bloomberg report, investigative analyst Jamie Lam told law enforcement officials in Bermuda last month that the process demands not only technical expertise but also considerable patience.

Now, with nearly $400 million in cryptocurrency seized to date, the Secret Service is doubling down on its global mission: to disrupt the flow of criminal funds in cyberspace and strengthen cross-border enforcement.

Founded in 1865 to combat currency counterfeiting, the U.S. Secret Service has become a key player in cybercrime enforcement. Its Washington, D.C.–based center now acts as a command hub for tracking and recovering digital assets linked to criminal activity.

One of the agency’s main focuses has been tracking and disrupting North Korea’s Lazarus Group, a government-backed cybercrime syndicate known for its billion-dollar crypto heists. In 2022, the group pulled off the now-infamous $620 million Axie Infinity hack. The U.S. Treasury and Secret Service have since sanctioned and investigated associated firms and financial conduits, including Huione Group, a Cambodian conglomerate accused of laundering billions for North Korea.

The Secret Service has ramped up collaboration with foreign law enforcement agencies. As of mid-2025, officers have conducted training sessions in over 60 countries, teaching their counterparts how to track wallet flows, seize crypto, and manage digital evidence.

The U.S. Secret Service has expanded its international presence by establishing liaison assignments in key financial hubs, including cities like Lyon and The Hague. These agents collaborate with local regulators and law enforcement to detect suspicious cryptocurrency flows in real-time and take necessary actions, such as freezing assets, to combat cyber-enabled financial crimes.

Private-sector partnerships have played a pivotal role in enabling successful crackdowns. Companies such as Coinbase, Tether, and Chainalysis have helped the Secret Service identify fraudulent addresses, block transactions, and recover stolen funds.

One high-profile example: In late 2024, a joint operation with Tether and Coinbase led to the seizure of $225 million in USDT tied to a sprawling “pig butchering” romance scam syndicate operating across Asia and the U.S.

According to the FBI’s Internet Crime Complaint Center (IC3), Americans lost a staggering $9.3 billion to internet scams in 2024, more than half of which involved cryptocurrency. In just the first half of 2025, losses from crypto-related scams have already exceeded $2.47 billion.

Romance scams and fraudulent investment platforms remain the most common and costly tactics used by cybercriminals targeting cryptocurrency users. Fake token offerings and impersonation schemes have also been reported, though they are less frequently cited in official enforcement data.

The Secret Service's focus is not limited to high-profile hacks but also includes protecting everyday consumers from such scams, many of whom are elderly or first-time crypto users.

With hundreds of millions in confiscated crypto, the agency now operates one of the largest government-run crypto custody setups in the world. Much of the seized digital currency is kept in cold wallets, secure, offline storage devices immune to remote tampering. These wallets are tightly controlled and protected under rigorous internal protocols.

Some of these assets are later auctioned off through the U.S. Marshals Service, with proceeds directed to the Treasury’s Asset Forfeiture Fund, which helps fund further criminal investigations.

While regulatory frameworks for cryptocurrency are still developing, the Secret Service is already operating in a world where digital assets are integral to both finance and fraud. The agency’s approach represents a template for how traditional law enforcement can adapt to modern threats through innovation, collaboration, and global engagement.

As crypto adoption continues to grow, in legitimate and criminal circles alike, the Secret Service’s international network may serve as a key bulwark against digital financial crime, ensuring that innovation doesn’t come at the expense of security.