Crypto Exchange Coinbase claims that he played a “key role” in the support of a survey on American secret services which led to the seizure of $ 225 million linked to cryptographic investment scams earlier this month.
On June 18, the Ministry of Justice filed more than $ 225 million in crypto recovered by the secret services which would have been stolen by pork butcher’s crooks, who said that the agent in Shawn Bradstreet was at the time the greatest cryptocurrency crisis in the history of the agency.
Coinbase said Tuesday in a blog post that he had joined several other exchanges in an “investigation sprint” with the secret services in 2024 to identify the victims of scam, analyze the flows of the chain and help build a case to grasp the crypto.
More than 130 Coinbase customers captured by scam
Coinbase said that between February 26 and February 29 of last year, his team retraced millions of cryptographic transactions to illicit portfolios and other account activities that could help report the victims of scam for the secret services.
“This blockchain analysis and the production of assignment recordings allowed the USSS to identify more than 130 Coinbase customers who were frauds without knowing it, representing $ 2.3 million in losses,” said Coinbase.
The secret services also traced some of the frozen funds at 140 accounts at the Crypto Exchange OKX, many of whom were detained in the name of persons detained in scam compounds in Southeast Asia, according to Coinbase.
Tether burns $ 225 million in USDT
Stablecoin Tether stable, which the DoJ recognized for its survey help, frozen 39 portfolio addresses containing $ 225 million in 2023, which were mainly in its Eponymous Stablecoin Tether (USDT). The Stablecoin transmitter then burned all the tokens.
Coinbase said that the equivalent amount of the new USDT had then been re -entered and transferred to a portfolio controlled by the secret services.
“This process has been visible onchain, offering an example in real time of how crypto can improve the transparency of law application operations,” said exchange.
In relation: Australia unmasks $ 123 million in cryptocurrency behind the security company
Burning tokens mean that they are permanently removed from traffic. Generally, this is done by sending them to an inaccessible portfolio address.
Global authorities seize the stolen crypto
In May, Australian federal police seized nearly 25 Bitcoin (BTC), worth more than 2.6 million dollars, which were reportedly linked to a 950 bitcoin breakage stolen in an exchange of French crypto in 2013.
A few months earlier, in February, the German security forces seized 34 million euros ($ 38 million) in exch crypto, a cryptocurrency platform would have used to whiten the stolen funds after the hacking of $ 1 billion by Bybit.
Review: Coinbase Hack shows that the law will probably not protect you: here is why
