Coinbase Helps Feds Seize $225M in Stolen Crypto
Coinbase shared on Tuesday that it helped the U.S. Secret Service seize $225 million worth of allegedly stolen cryptocurrency in a case that stretches back to 2023. The crypto exchange said its team helped trace the digital funds and identify possible victims, calling its role a “key” part of the investigation.
The seized funds were mostly in USDT, a type of digital coin known as a stablecoin, which is designed to stay equal in value to the U.S. dollar. Back in December 2023, Tether, the company behind USDT, froze about $225 million in crypto after being alerted that the money might be linked to criminal activity.
The wallets holding the funds were believed to be connected to a human trafficking group running a scam called “pig…
