Saturday, October 8, 2022

US Secret Service Seizes $102M in Crypto Assets Linked to Cybercrime

The United States Secret Service has cracked down on many suspected illegal crypto operations by seizing cryptocurrencies worth about $102 million. The owners of this fund have been kept under the radar of the Secret Service after they were found to be connected to several fraudulent activities.

According to the agency, the seized fund was accumulated from a total of 254 cases in the last seven years following the monitoring and evaluation of several cryptocurrencies including Bitcoin (BTC). The investigative trend bordering on cryptocurrencies is likened to a “house of mirrors” by the Assistant Director of Investigation and Analyst at SSA, David Smith.

Neck Deep Hack on the Cryptocurrency Blockchain

One of such investigations involved the Roman National Police where almost 1000 U.S. citizens were targeted. The scammers used pseudo adverts to lure their targets. The ads showcased luxury commodities that were not available on sales and trading websites. Invoices were issued by scammers to trick customers into believing the veracity of their phishing websites.

Payments made for items on the site were converted to cryptocurrency to conceal the operations of these scammers which were later tracked. David Smith mentioned the speed at which crypto transactions are performed as one of the attractions for criminals and other regular users. He affirmed that the agency is gearing up to track down every illicit crypto operation as fast as it occurs.

Smith likened the tracking of cryptocurrency wallets to email addresses because of their similar identifiers and this makes it easier to track and monitor activities on the blockchain. 

While so many attacks have been made on the crypto blockchain like the $625 million breaches on the Ronin Network which took place last month and Polygon Qi Dao’s $13 million protocol hack, more security options are made available to curtail future breaches. Dfns secured $41 million a few days ago to introduce keyless wallets, a move that can help protocols combat their security challenges.

Victoria Nye
A Blockchain columnist who is enthusiastic about developing a network interface between the real world and the cryptosphere.

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