Cryptocurrency exchange Coinbase played a key role in the US Secret Service’s $225 million stolen crypto operation. The exchange provided critical support in tracking the USDT funds belonging to the smuggling group and identified the victims. The operation was recorded as the largest crypto seizure in US history. The funds were secured with Tether’s preventive approach.
Security and collaboration issues have taken on a new dimension in the cryptocurrency world. Coinbase’s collaboration with federal agencies has demonstrated how blockchain’s transparency features can be used in criminal prosecutions. The company analyzed millions of transactions, mapping the flow of money from illicit wallets to platform accounts.
US Secret Service Completes Historic Operation in Crypto Crimes
Secret Service Special Agent Shawn Bradstreet said the operation was the largest cryptocurrency seizure in the history of the U.S. Secret Service. Bradstreet said the success demonstrated the power of public-private partnerships.
Coinbase team members conducted a days-long effort to track millions of cryptocurrencies from illicit wallets to transfers to their platform. The company also identified victims by analyzing account activity.
Despite facing trust issues with its USDT stablecoin in the past, Tether has drawn attention with its proactive approach to this operation. The world’s largest stablecoin issuer reportedly froze over $2.7 billion worth of USDT tied to illicit activity to date.
The US Department of Justice thanked Tether for its assistance in this investigation. Coinbase said anyone who considers themselves a victim can contact the FBI Internet Crime Complaint Center.
