Cryptocurrency corporations and legislation enforcement teamed up this month in what might be the largest crypto haul in US Secret Service historical past. On June 18, the Division of Justice moved to grab over $225 million in tokens linked to pig-butchering scams.
This effort relied on blockchain tracing and fast motion by exchanges and a stablecoin issuer to lock down funds that flowed via a number of platforms.
Coinbase Joins Secret Service Effort
In keeping with Coinbase, its investigators labored alongside the US Secret Service throughout a targeted dash in early 2024. From February 26 to February 29, they tracked tens of millions in suspect transfers and flagged transactions tied to illicit wallets.
Based mostly on experiences, greater than 130 Coinbase prospects have been hit by scams, collectively dropping about $2.3 million. Brokers then used subpoenaed data to tie these on-chain flows again to sufferer accounts.
Coinbase additionally famous that among the seized funds wound up in roughly 140 accounts at OKX, many held by folks detained in rip-off compounds in Southeast Asia.
Coinbase helped drive a significant legislation enforcement win: the U.S. Secret Service has seized $225M in stolen crypto tied to pig butchering scams—and is returning funds to victims. When you assume you have been affected, you might be eligible for restitution. Be taught extra: https://t.co/0VirllyzM7
— Coinbase Assist (@CoinbaseSupport) June 24, 2025
Pig-butchering scams proceed to proliferate regardless of efforts by legislation enforcement to curb this illicit exercise. Picture: Kaspersky.
Tether Freezes And Burns USDT
In keeping with Tether, 39 pockets addresses have been frozen after the DOJ offered proof of theft. These wallets held about $225 million in USDT. Tether then carried out a burn, sending tokens to an inaccessible deal with so they might by no means be spent once more.
On the similar time, an equal quantity of contemporary USDT was minted and despatched to a pockets beneath Secret Service management. Observers may watch that swap on-chain, exhibiting how stablecoins could be pulled out of circulation when wanted to chop off illicit actors.
Complete crypto market cap at $3.24 trillion on the day by day chart: TradingView
File Seizure Marks New Excessive
In keeping with data from the DOJ, this transfer represents the biggest crypto seizure ever attributed to the Secret Service. It comes after a surge in pig-butchering scams—long-con frauds the place operators befriend victims on-line and persuade them to put money into pretend schemes.
Regulation enforcement described this case as a landmark in preventing crypto crime, stressing that on-chain information was essential in pinpointing stolen funds scattered throughout totally different exchanges.
Picture: Shutterstock.
International Actions And Subsequent Steps
Past the US, related actions have popped up across the globe. In Could, the Australian Federal Police seized practically 25 Bitcoin—value about $2.6 million—from suspects tied to a 2013 hack of a French alternate.
And in February, German authorities blasted 34 million euros ($38 million) in crypto linked to an enormous Bybit breach. Analysts say these joint efforts ship a transparent message: crypto doesn’t equal anonymity.
Traders ought to remain alert about unsolicited funding provides. Safety groups on exchanges will maintain sharpening blockchain evaluation instruments to catch illicit circulation quicker.
Featured picture from AP/Julia Nikhinson, File, chart from TradingView
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