Secret Service Expands Global Crackdown on Crypto Scams

The United States Secret Service is intensifying its worldwide campaign against cryptocurrency fraud, leveraging international partnerships and digital forensics. Through its Global Investigative Operations Center (GIOC), the agency has trained law enforcement in over 60 countries—including Bermuda, a crypto-friendly jurisdiction—to dismantle sophisticated scams.

Fraudsters typically lure victims with personalized messages and counterfeit investment platforms featuring professional interfaces and fabricated returns. "They weaponize trust," said Secret Service analyst Jamie Lam, describing how operators use stolen identities and psychological manipulation. Investigators trace transactions through blockchain footprints, domain registrations, and occasional operational errors—like a VPN leak that exposed one syndicate.

The GIOC's non-traditional toolkit—subpoenas, data analytics, and forensic accounting—has recovered $400 million in digital assets since 2014. Most funds were consolidated in a single secured wallet, underscoring the scale of these operations.