Exchange says its blockchain sleuthing mapped 130 victim wallets and guided agents to a historic “pig-butchering” bust from 18 June forfeiture.
Coinbase has gone public with its behind-the-scenes work on the U.S. Secret Service’s $225.3 million USDT seizure, providing a fresh layer of detail that was absent when the forfeiture was first announced a week ago.
The newly revealed investigative timeline re-casts last week’s press release from the Secret Service as the culmination of a collaborative, tech-heavy hunt rather than a stand-alone enforcement win.
According to the unsealed civil forfeiture complaint in U.S. District Court for the District of Columbia, scammers lured more than 400 victims, many of them U.S. residents, onto fraudulent trading apps before draining their balances.
The USDT remains in a Secret Service-controlled address until a judge signs off on forfeiture. Tether has pledged to burn the frozen tokens and re-mint an equivalent amount under government control, mirroring its 2022 protocol. Victims can then seek restitution through the Justice Department’s remission process, which historically takes 12 to 24 months.
Authorities have asked additional victims to file complaints via the IC3 portal, citing reference code BT06182025. They also hinted at upcoming arrests, pending identification of suspects who tried to off-ramp funds through Asian exchanges.
Meanwhile, Coinbase is using the moment to press its regulatory case in Washington, arguing that “clear federal rules” would encourage more compliant exchanges and stings like this one.
