Coinbase Helps Seize $225M in Stolen Crypto
On Tuesday, Coinbase, a major cryptocurrency exchange, revealed its pivotal role in assisting the U.S. Secret Service to seize $225 million in 'stolen' crypto from a case dating back to 2023. The seizure, involving the U.S. Secret Service, FBI, and U.S. Attorney's Office, targets alleged fraudsters connected to a human trafficking scam. Coinbase helped trace the illicit crypto transactions and pinpoint affected victims eligible for compensation. This marks a significant achievement in the fight against digital crime, being the largest crypto seizure in U.S. Secret Service history. Tether, having frozen $225 million in USDT, praised its ongoing compliance efforts. Coinbase further encouraged victims to contact the FBI Internet Crime Complaint Center for claims.
FAQ
❓ How did Coinbase assist with the seizure?
Coinbase traced the stolen funds onchain and identified victims eligible for restitution, aiding federal agents in the investigation.
❓ What was the role of Tether in this case?
Tether froze $225 million in USDT, linked to the scam, supporting the investigation with compliance and crime prevention efforts.