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U.S. Secret Service Quietly Becomes a Leading Crypto Cop as Digital Fraud Soars: Bloomberg

FARIDABAD, HARYANA, INDIA, JUL 6 – The 39-year-old suspect allegedly funneled over Rs2.2 billion through fake accounts and sent 70% of stolen funds to a Dubai partner, duping thousands in a crypto investment scam.

  • Over the past ten years, the U.S. Secret Service has become a leading agency in combating cryptocurrency fraud, confiscating close to $400 million in digital assets.
  • This increased focus follows a surge in crypto scams, with Americans reporting $9.3 billion in losses in 2024, more than half of total internet-crime losses.
  • The agency's Global Investigative Operations Center uses blockchain analysis, subpoenas, and open-source tools to trace stolen funds and trains law enforcement globally, including recent workshops in Bermuda.
  • Patrick Freaney, who leads the agency’s field office in New York responsible for Bermuda, highlighted the organization’s enduring commitment by noting they have been tracking financial flows for 160 years.
  • These efforts suggest evolving tactics to address crypto crimes may improve asset recoveries and global cooperation, while risks persist in crypto-friendly regions like Bermuda.
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US authorities are on the lookout for crimes and frauds committed with ransom demands in digital currencies

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The Filipino Times broke the news in on Sunday, July 6, 2025.
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