Coinbase Helps U.S. Secret Service Seize $225 Million in ‘Stolen’ Cryptocurrency

PANews reported on June 25 that according to The Block, the crypto exchange Coinbase announced that it assisted the U.S. Secret Service in seizing $225 million worth of "stolen" cryptocurrencies. The case involved a "pig killing" scam related to a human trafficking organization in 2023, when Tether had frozen the equivalent of USDT in the relevant self-hosted wallet. Coinbase said its team assisted in locating the flow of stolen funds and identifying victims eligible for compensation through multi-day on-chain tracking. The U.S. Secret Service said that this operation set a record for the largest cryptocurrency seizure in the agency's history. The U.S. Department of Justice also expressed its gratitude to Tether for its proactive cooperation, and the U.S. Federal Bureau of Investigation has opened a channel for potential victims to submit claims.

Earlier on June 18, it was reported that the U.S. Department of Justice filed a civil forfeiture lawsuit against more than $225 million in funds involved in crypto fraud .