The US Secret Service plans to confiscate $225 million of crypto assets from a crypto fraud money laundering network, setting a record for the highest amount recovered in a single time

According to an official announcement, the Department of Justice's District of Columbia prosecutor's office filed a civil forfeiture lawsuit in federal court seeking to seize more than $225.30 million worth of cryptocurrencies. According to the indictment, the US Secret Service and the Federal Bureau of Investigation have identified the cryptocurrencies through technical means such as blockchain analysis, which are related to the theft and money laundering of cryptocurrency investment scams such as "romance scam".
The indictment alleges that the cryptocurrency addresses involved formed a complex on-chain money laundering network that executed hundreds of thousands of transactions and was specifically used to disguise the origin and flow of fraudulent proceeds. Scammers dispersed funds through a large number of cryptocurrency addresses and accounts, forming a financial fog. Investigations have identified dozens of victims across the United States who were deceived by false investment platforms. More than 400 suspected victims worldwide have lost millions of dollars in single cases.
The San Francisco branch of the Secret Service pointed out that the case set a record for the largest single cryptocurrency recovery amount in the agency's 160-year history. The case was led by a team of prosecutors in the Department of Justice's Computer Crime and Intellectual Property Division, and stablecoin issuer Tether provided active assistance in the investigation.