According to Secret Service investigators, online auction and sales websites have been flooded with bogus listings for expensive products that don’t exist.
Over $102M in Cryptos Seized Since 2015
According to US Secret Service records, the organization has taken approximately $102M in cryptocurrency since 2015. Scams and crimes involving cryptocurrencies have always existed. Nevertheless, it has worsened, causing concern among the public and the government. The Secret Service has effectively confiscated millions of dollars in cryptocurrency from criminals to combat illegal transactions. Along with presidential protection, the agency conducts financial and cybercrime investigations.
In discussion with CNBC, David Smith, the agency’s associate director of investigations, discussed: Following a cryptocurrency wallet is similar to following an email address because it has some associated identifiers. It is possible to track an email or wallet address and trace it along with the blockchain immediately after two people have made a transaction.
The United States Secret Service Seized $102M in 254 Fraudulent Activities
According to the firm’s records, the seized cryptocurrency came from 254 incidents. According to the agency, some of the cryptocurrency instances were traced back to a Russian criminal ring. Money laundering was carried out by the cybercrime outfit using a cryptocurrency exchange. In certain cases, a ransomware campaign linked to Russian and North Korean gangs was also attacked. Some businesses in the United States attempted to prevent the attack by sending BTC to the cryptocurrency wallet of the suspect.
The Romanian National Police was also involved in the inquiry in several situations. Roughly 900 people in the United States were targeted in the attack. The Secret Service added that the scammers used renowned online auctions and sales platforms to place phony advertisements for expensive products that didn’t exist. The con artists also supplied forged documents from ostensibly well-known companies to validate their strategy. A report from the Secret Service says that the felons used cash given by victims to buy cryptos.
Further elaborating on using cryptocurrency for unlawful transactions, the Secret Service assistant director testified that individuals use cryptocurrency to shift funds more quickly than in the standard setting. He continued, criminals strive to mislead people and hide their operations as much as possible. We need to monitor it as rapidly as possible, as fiercely as possible, and linearly.
Stealing BTC or other cryptocurrencies and converting them to stablecoins is another strategy used by criminals. Smith acknowledged that fraudsters also attempt to evade losses associated with market instability.
