The Crypto Exchange Coinbase said it played a “key role” in support of an investigation of the US secret service that resulted in the seizure of $ 225 million linked to crypto investment scams earlier this month.
On June 18, the Department of Justice filed to seize More than $ 225 million in Crypto recovered a secret service allegedly stolen by Pig Butchering Scammers, which the agent governed by Shawn Bradstreet said at the time of the biggest cryptocurrency in the history of the agency.
Coinbase Says In a blog post on Tuesday it joined many other exchanges with an “investigative sprint” with the secret service in 2024 to identify scam victims, study chain flows and help develop a case to occupy the crypto.
More than 130 Coinbase customers caught by scam
Coinbase said that between Feb. 26 to Feb. 29 Last year, its team tracked millions in crypto transactions with illicit wallets and other account activities that would help flag victims for secret service.
“Blockchain analysis and subpoena production allow the USSS to identify more than 130 Coinbase customers who accidentally destroyed, representing $ 2.3 million in losses,” Coinbase said.
Secret service also traces some of the frozen funds back to 140 accounts in Crypto exchange okxMany of these are held in the names of individuals held at the scam compounds in Southeast Asia, according to Coinbase.
Tether burns $ 225 million in USDT
Stablecoin Issuer Tether, who was identified by the DOJ for its assistance in the investigation, Froze 39 Addresses of purse containing $ 225 million in 2023, mainly in its own title Stablecoin Tether (USDT). The Stablecoin issuer eventually burned all the tokens.
Coinbase said the equivalent value of the new USDT was then recorded again and transferred to a purse controlled by the secret service.
“This process is reflected in Onchain, which offers a real-time example of how crypto can improve transparency in law enforcement operations,” the exchange said.
Related: Australia opens the $ 123m crypto laundering ring behind the security firm
Burning tokens means they are permanent Removed from circulation. Usually, this is achieved by sending them to a non -accessible purse address.
The global authorities that seized the stolen crypto
In May, the Federal Australia’s federal police seized Almost 25 bitcoin (Btc), worth more than $ 2.6 million, which is said to have linked to a 950 Bitcoin heist stolen from an exchange of French Crypto in 2013.
A few months before, in February, German law enforcement Took 34 million euros ($ 38 million) in crypto From the exch, a cryptocurrency platform allegedly used to raise funds stolen after a $ 1.4 billion bybit hack.
Magazine: Coinbase Hack shows the law probably won’t protect you: here’s why
