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U.S Secret Service Seizes $102 Million From Cyber Criminals

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Cyber criminals are being traced by the U.S secret service with special tracing tools and techniques to seize more than $102 million in cryptocurrencies.

The agency claimed the perpetrators stole bitcoin and other crypto assets from different wallets. Assistant Director of Investigations David Smith said that agents and analysts  track the flow of Bitcoin and other cryptocurrencies on the blockchain, similar to old-fashioned surveillance

According to statistics, the agency has compiled more than $102 million in crypto that has occurred in 254 cases since 2015, these numeration has affected crypto assets. 900 victims across the U.S. have been targeted by cyber criminals. Some modes of operation include fake online ads, phishing emails and invalid invoices.

Talking about the success of the security campaign, Smith said the fascinating aspect of cryptocurrency is that it relays an online transaction database that eases the wallet’s vulnerability to different exploits.

More Action to Stop Cyber Criminals

Affirming that these hackers are from North Korea and Russia, the Assistant Director of Investigations claimed that Secret Service agents implemented legalized attributes towards curbing the linear fashion of cyber attacks.

In an interview with the Global Investigative Operations Center (GIOC), David Smith said crypto fraud can be reduced. He also relayed that several security agents will rely on the transparency of crypto transactions to nab cyber criminals.

Although there are some privacy-focused cryptocurrencies in the crypto industry due to high-level use cases of Bitcoin and Ethereum-like assets, the majority of the bad actors choose Bitcoin-based payment methods.

The United States Secret Service (USSS) recently detained a person who was involved in more than 13 Ransomware attacks. For these illicit activities, he will spend his next 66 months in prison. In the operation, the agency seized around $1.7 million worth of Bitcoin.

Since crypto assets involve digital transactions, the security services agent advised that crypto assets should be secured appropriately.