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#Michael Saylor Hints at Buying BTC#
Sextortion and $400m in Bitcoin: Inside the Secret Service’s crypto war
Now armed with blockchain forensics instead of briefcases of cash, the U.S. Secret Service is quietly becoming one of the most sophisticated crypto crime-fighting units in the world.
According to Bloomberg, its Global Investigative Operations Center has seized nearly $400 million in digital assets—stored in a single cold wallet—through operations targeting scams, fraud, and extortion.
One recent case illustrates the agency’s evolving reach: after a teenager was sextorted for $600, agents traced the crypto through a money mule to a Nigerian national allegedly responsible for thousands of illicit transactions.
The agency, led by investigative analyst Jamie Lam, specializes in digital financial crimes using software, subpoenas, and spreadsheets rather than traditional law enforcement tools.
The team traces cryptocurrency fraud through domain registrations, wallet connections, and blockchain analysis.
Romance scams drive majority of crypto losses
Americans reported $9.3 billion in cryptocurrency-related scams in 2024, accounting for more than half of the $16.6 billion in total internet crime losses reported to the FBI. Older victims suffered the largest losses at nearly $2.8 billion, primarily through fake investment platforms.
The Secret Service’s Kali Smith, who directs the agency’s cryptocurrency strategy, has conducted training workshops in over 60 countries to help local law enforcement unmask digital crimes.
“Sometimes after just a week-long training, they can be like, ‘Wow, we didn’t even realize that this is occurring in our country,'” Smith said during a recent Bermuda training session.