$400M Crypto Seizure by Secret Service Highlights Why Cold Storage and Best Wallet Are Essential

Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. The U.S. Secret Service has now seized over $400M in digital assets, all of which are stored in a single cold wallet, making it one of the largest cold wallet crypto stashes around.

It’s worth noting that these assets have been recovered over a period of 10 years by tracking and neutralizing online cryptocurrency scams.

Global crypto scams totaled around $16.6B in 2024 alone, with Americans losing a chunky $9.3B. Out of this, older adults were hit the hardest, losing nearly $2.8B.

Read on as we dig into how these scams are executed and how the Secret Service works to neutralize them.

We’ll also explain why using a secure, non-custodial crypto wallet like Best Wallet (powered by $BEST) is absolutely critical to keeping your crypto safe. How Are Cryptocurrency Scams Neutralized?

Jamie Lam, an investigative analyst with the U.S. Secret Service, shed light on how these scams operate and how they neutralize them.

In one instance, scammers used photos of attractive individuals to lure unsuspecting investors into seemingly legitimate cryptocurrency websites, often complete with sleek design and dedicated support teams to build trust. Initial deposits would yield small profits, which encouraged the victims to keep investing. Eventually, the platform would stop working, and the account balance would disappear into thin air.

Jamie’s team traced the fake investment site’s domain using open source tools to uncover details like registration time and ownership.

When they tracked the domain purchase, it led them to a crypto wallet, and a brief VPN failure finally helped expose the scammer’s IP address.

A large part of these takedowns also depends on cooperation from industry players like Tether and Coinbase.

In fact, Tether helped the Secret Service recover $225M worth of $USDT in what was one of the largest crypto scam busts to date.

All of this underscores the importance of using a secure crypto storage solution like Best Wallet.

By giving you total control of your assets and keeping them safe from phishing and fraud, Best Wallet ensures you don’t fall prey to a crypto hack. What is Best Wallet?

As mentioned above, Best Wallet is a free crypto wallet that’s completely self-custodial.

This simply means that you and only you will have access to your wallet’s private keys, ensuring that no third party, not even Best Wallet’s employees, can access your wallet or the funds therein.

Along with this, Best Wallet also comes with excellent 2FA/MFA options, allowing you to set up a second one-time password for access to your account.

Here, you have the option to use biometric authentication, which is one of the safest and most sought-after 2FA measures.

What’s more, Best Wallet leverages advanced cryptographic technology to protect you and your stored crypto against theft, hacks, and other malicious crypto attacks, including scams and phishing attempts. Even better, Best Wallet employees verify every token before making it available on their platform, safeguarding you from investing your hard-earned money into scam tokens.

That’s not all, though, as Best Wallet has some exciting upgrades in store. It’ll soon roll out advanced anti-fraud protection and defenses against sophisticated MEV (Miner Extractable Value) attacks. More Than Just Security: Best Wallet Supercharges Meme Coin Access and Trading

One of the most unique features of Best Wallet is that it allows you to buy new meme coins on presale directly from within the app.

Usually, even the best crypto wallets will require you to connect to a presale’s website and complete your purchase from there.

However, Best Wallet’s ‘Upcoming’ section redefines what simplicity means in the meme coin space by allowing users to buy new meme coins without ever having to leave the app.

Furthermore, Best Wallet also plans on offering a full-fledged crypto trading terminal, with limit buy/sell orders, stop-losses, and even dollar cost averaging (DCA). Buy $BEST and Join Best Wallet’s Success Story

With a streamlined approach to meme coin purchases, intuitive mobile-first design, and top-notch security, Best Wallet has everything it needs to achieve its goal of capturing over 40% of the non-custodial crypto wallet market by 2027.

You can ride this success story by buying Best Wallet Token ($BEST), the project’s native cryptocurrency. It’s currently in presale, with over $13.7M already raised, and each token available at a low price of $0.025295.

According to our $BEST price prediction, the token can surge around 180% and reach $0.07 by 2030, offering early buyers a chunky return on their investment. Most importantly, $BEST holders get to unlock a slew of ecosystem benefits. These include reduced trading and gas fees, governance rights, staking rewards (currently yielding 100%), and early access to new meme coin launches.

To learn more about Best Wallet, check out its official whitepaper. And for all of the latest updates, follow it on X and join its Telegram channel.

Disclaimer: The crypto market is highly volatile and guarantees no returns. This article is not financial advice, and we strongly recommend that you do your own research before investing.