(FeaturedNews.com) – Fraud investigation operations by the US Secret Service have captured over $102 million in cryptocurrency since 2015, according to CNBC. Investigators have handled 254 cases in that time. Assistant Director of Investigations, David Smith, explained the fast-paced movement of the crypto market makes it enticing to criminals.
U.S. Secret Service is cracking down on illicit digital currency transactions, seizing more than $102M in cryptocurrency from criminals in connection with fraud-related investigations. https://t.co/3hUCb0Ju4D
— NBC News (@NBCNews) April 19, 2022
Smith said agents watch and track blockchains to pinpoint potential issues. He noted following currency throughout a blockchain is as simple as tracking an email address. There are unique identifiers that allow agents to carry out proper surveillance.
Once something concerning is spotted, they begin to look deeper into transactions and connections. If a link is found that leads to something nefarious, they will start working toward building a case.
Agents must work fast because criminals generally move quickly to cover their activities. Cases the Secret Service has handled include Russian cybercriminals laundering funds and running a ransomware operation, North Korean syndicates using ransomware, and a money-laundering scheme involving 900 victims.
The Hill reported the Secret Service is continuously evolving to assess risks better and tackle issues associated with cyber activities. The agency will work to ensure crypto transactions remain safe and secure.
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