Secret Service Amasses Nearly $400M In Seized Crypto Assets

The US Secret Service has quietly accumulated nearly $400 million in digital assets over the past decade, creating one of the world’s largest crypto cold wallets.

Secret Service Uncovers Billions in Global Crypto Scams

Much of these assets were seized during investigations into scams, where fraudsters trick victims into investing in fake crypto platforms. Victims often see small early returns before the platforms disappear along with their money.

According to Jamie Lam, an investigative analyst with the Secret Service, the agency’s Global Investigative Operations Center (GIOC) has used blockchain analysis, domain records, and open-source tools to track down fraudsters.

In some cases, a crypto payment or a VPN malfunction has exposed crucial clues, helping investigators trace the scammers’ digital footprint.

Kali Smith leads the US Secret Service’s efforts to fight crypto crimes. Her team has trained officials in over 60 countries to help uncover online financial scams. The agency focuses on countries with weak rules or programs that sell residency to foreigners.

“After just a week of training, some officials realize these scams were happening in their own country,” Smith said.

Secret Service Fights Back as Crypto Scams Surge

The Secret Service has investigated many scams, from fake romance-investment schemes to sextortion. In one case, an Idaho teenager sent a nude photo to an online stranger, who then extorted $300 twice before the teen went to the police.

Investigators tracked the payments through another teen forced to act as a money mule, leading to an account with $4.1 million in transactions linked to a Nigerian passport.

Crypto scams are now the biggest cause of internet crime losses in the US. In 2024, Americans lost $9.3 billion to crypto fraud — more than half of all online crime losses that year, according to the FBI. In just the first half of 2025, over $2.47 billion has been stolen through hacks, scams, and exploits, a 3% increase from last year.

Recovering stolen crypto often depends on help from major companies. Coinbase and Tether have helped in several big cases by tracking transactions and freezing wallets. One of the largest recoveries involved $225 million in USDT linked to romance scams.