The US Secret Service has quietly built one of the largest Bitcoin cold wallets in the world. How? By seizing nearly $400 million worth of crypto from scammers.
How They Did It
The agency used advanced blockchain tracking tools to follow the money. They spotted scams by analyzing crypto transactions and catching small mistakes made by scammers — like VPN errors that accidentally revealed their real locations.
Jamie Lam, one of the lead investigators, said scammers often use fake names and stories to trick people. These scams can be hard to spot because they’re very well-planned.
Crypto Wallets Seized from Scams
The Secret Service has been tracking crypto used in fraud for years and storing the seized funds in a cold wallet — a secure, offline wallet. Their investigations helped take down scammers running romance scams, sextortion plots, and other online fraud.
Training Teams Worldwide
Kali Smith, who leads global operations, said the Secret Service has trained officials in more than 60 countries to fight crypto crime. Many countries didn’t even realize how big the scam problem was until after training. These sessions teach them how to spot fraud and find weak points in their systems.
Crypto Scams Are Growing Fast
According to the FBI, Americans lost $9.3 billion to crypto scams in 2024, more than half of all online crime losses. In the first half of 2025 alone, victims have already reported $2.47 billion in losses.
Working with Crypto Companies
Big crypto platforms like Coinbase and Tether have helped law enforcement freeze stolen funds. For example, one case involved $225 million in USDt from romance scams. These partnerships are key to stopping fraud and returning stolen crypto to victims.
In Short:
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The Secret Service has built a huge Bitcoin wallet with $400M in seized crypto.
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They track scammers using blockchain tools and small mistakes like VPN leaks.
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Global training and help from platforms like Coinbase help them catch fraudsters.
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Crypto scams are rising fast and causing billions in losses.
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Teamwork between law enforcement and crypto companies is critical.
Disclaimer: This article is only for
information and not financial advice. The opinions shared here may be the
writer’s personal views. Please do your own research before making any
investment choices. We are not responsible for any money you may lose.
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