We are proud to share that we have collaborated closely with the United States Secret Services (USSS) on an in -depth survey on an cryptographic fraud program. The fraudsters have used social engineering techniques to strengthen confidence with the victims over time, an approach commonly called “pork butcher”. This joint effort led to the greatest seizure of crypto by the USSS, totaling around $ 225 million.
The USSS survey has targeted sophisticated fraud rings that attack individuals, attracting them in false cryptocurrency investments. Victims of pig butcher’s diets are gradually encouraged to deposit increasing amounts, but to finally discover that their funds were stolen.
The $ 225 million in question was initially frozen by Tether in 2023, after being linked to the Pork butcher in a survey of the United States Ministry of Justice. The stolen funds were linked to the accounts of the authors during a centralized non -Kraken exchange. The identification of the victims and the return of their funds presented a challenge, requiring an important knowledge of the analysis of the blockchain.
In March 2024, we joined several cryptocurrency exchanges in an intensive and one week sprint. Our compliance and survey teams provided rapid and real -time responses to crucial requests for information and our timely provision information on transactions and accounts played a decisive role in identifying nearly 500 victims. This directly supported the USSS in obtaining the entry mandate for the unprecedented confiscation of $ 225 million in stolen funds.
We remain dedicated to cooperation with the police to protect the cryptocurrency ecosystem. Our rapid response approach and our meticulous registers hold our continuous commitment to security, transparency and protection of our customers. We also have strict policies and procedures to protect customer confidentiality while providing data when we have a legal obligation to do so.
We continue to participate actively in efforts to identify and stop fraud, support the recovery of victims and maintain confidence in the cryptographic community.
“Customer protection is our greatest priority, and we are proud to have supported efforts to this historic recovery from stolen funds. Our rigorous compliance practices, advanced security protocols and ONCHAIN’s investigative confidence reflect our in -depth commitment to protect the assets of assistant compliance chief customers.
If you think you are the victim of cryptocurrency fraud, we encourage you to report your file to your local authorities and to the Crime Center on the Internet of the FBI to your quick report can help prevent future scams.
