Coinbase Assists U.S. Government in Recovering $225 Million in Crypto Scams
One of the largest crypto recoveries recently involved Coinbase, the popular exchange, helping the U.S. Secret Service trace and reclaim $225 million in USDT. This was tied to deceitful āpig butcheringā scams that victimized many.
During an intense four-day examination in late February 2024, Coinbase collaborated with the Secret Service. They analyzed blockchain transactions to follow the crypto trail. This cooperation allowed officials to pinpoint over 130 Coinbase users who had inadvertently sent funds to scam addresses.
The Secret Service filed an enforcement action on June 18. This came after a month-long chase against fraud networks in Southeast Asia. The initial freeze on these funds was undertaken in late 2023 by Tether. it blocked 39 wallets holding the stolen USDT.
OKX, another exchange, also joined forces in this operation. It traced the wallets back to 140 accounts allegedly operated by fraud victims forced into scam activities. The consensus now indicates a rise in such multi-exchange cooperation to combat crypto fraud.
For further reading, check out crypto.news, which has been reporting on such investigative developments.
