Coinbase assists in the seizure of the "$225 million pig-butchering money laundering case"

ChainCatcher news, according to the cryptocurrency exchange platform Coinbase, stated on Tuesday that the company "played a key role" in the U.S. Secret Service's action to seize approximately $225 million in "stolen" crypto assets.

This case dates back to 2023. Last week, the U.S. Secret Service, the Federal Bureau of Investigation (FBI), and the U.S. Attorney's Office jointly filed a seizure application to confiscate about $225 million in cryptocurrency from suspected fraudsters. As early as December 2023, Tether had frozen approximately $225 million worth of USDT, which was believed to be stored in self-custody wallets and was suspected to be linked to a human trafficking gang involved in "pig butchering" romance scams.

As one of the largest crypto companies in the U.S., Coinbase stated that it assisted in tracking the on-chain flow of these stolen funds and helped identify victims eligible for compensation. U.S. Secret Service Special Agent in Charge Shawn Bradstreet stated last week that this operation is "the largest cryptocurrency seizure case in Secret Service history." The U.S. Department of Justice also expressed gratitude for Tether's active cooperation in this investigation.