Coinbase says helped Secret Service seize $225M in stolen crypto

Coinbase (COIN) says it played a “key role” in supporting a U.S. Secret Service investigation that resulted in the seizure of $225M linked to crypto investment scams earlier this month. Coinbase said in a blog post on Tuesday that it joined several other exchanges in an “investigative sprint” with the Secret Service in February 2024 to identify scam victims, analyze chain flows and help build a case to seize the crypto. “Sitting alongside USSS agents, Coinbase team members conducted a multi-day effort to trace millions in cryptocurrency transactions back from illicit wallets to the sends from our platform and analyze account activity to flag victims for USSS outreach. This blockchain analysis and subpoena records production allowed the USSS to identify more than 130 Coinbase customers who were unknowingly defrauded, representing $2.3M in losses. These victims were just a fraction of the thousands likely affected across the broader crypto ecosystem.” Coinbase added: “We’ll continue doing everything we can to protect our users-and support the authorities working to dismantle criminal networks abusing crypto.”