The U.S. Secret Service is spearheading a global crackdown on crypto fraud, arming over 60 countries with cutting-edge blockchain tracing skills.
Secret Service Expands Global Crypto Fraud Training Network
The U.S. Secret Service has quietly established itself as a global training force in the fight against cryptocurrency-related fraud, instructing officials in more than 60 countries on how to trace digital financial crime using blockchain analysis, according to a report by Bloomberg. Kali Smith, who oversees the agency’s cryptocurrency strategy, stated that the program targets regions with weak regulatory structures or residency-for-sale policies that attract financial criminals.
The workshops, provided at no cost, aim to equip local police and prosecutors with techniques to identify fraudulent patterns in blockchain data and track down perpetrators. Smith emphasized the effectiveness of the training:
Sometimes after just a week-long training, they can be like, ‘Wow, we didn’t even realize that this is occurring in our country.’
In June, one such session took place in Bermuda, where Jamie Lam, a Secret Service investigative analyst, led law enforcement through case studies of real-world scams. Lam demonstrated how open-source tools, combined with patience and technical skill, helped trace illicit transactions to specific IP addresses and wallets. As part of the Global Investigative Operations Center (GIOC), Lam’s team has helped recover nearly $400 million in digital assets over the past decade, often held in a single cold-storage wallet. These recoveries follow the agency’s long-standing experience in cyberfinancial enforcement, going back to the takedowns of Liberty Reserve and E-Gold.
With crypto fraud now accounting for the majority of internet crime losses in the U.S.—$9.3 billion reported in 2024—the agency’s strategy is to leverage blockchain transparency as a tactical advantage. By helping global partners do the same, the Secret Service is extending its reach well beyond national borders.
Source: Bitcoin
