Coinbase Reveals Role in US Secret Service Seizure of $225 Million in Stolen Crypto

These scams, which often begin with fraudulent romantic or business relationships, have resulted in substantial financial losses for victims. In late 2023, Tether froze 39 wallet addresses associated with the stolen funds, prompting the USSS to trace the assets back to 140 accounts on the OKX exchange. Coinbase collaborated with the USSS to analyze onchain transactions and identify over 130 customers who were unknowingly defrauded, amounting to $2.3 million in losses. The USSS has initiated a public campaign to return the seized funds to victims, who can submit claims through the FBI Internet Crime Complaint Center. Coinbase has provided guidance to assist customers in accessing their transaction histories and has worked closely with law enforcement to support the restitution process. Tether also burned the frozen USDT and issued new tokens to a USSS-controlled wallet for distribution to verified victims.