WASHINGTON — The U.S. Secret Service is cracking down on illicit digital currency transactions, seizing more than $102 million in cryptocurrency from criminals in connection with fraud-related investigations.

David Smith said assistant director of investigation that analysts and agents actively monitor Bitcoin transactions on the Blockchain. It is similar to traditional surveillance. While the Secret Service is most well-known for their protection of Presidents, they also carry out financial and cybercrime investigation.

Smith explained that following a digital wallet will not be different from an email address with correlating identifiers. Smith was speaking to reporters at the headquarters of the agency. Once a transaction is made by a person, it gets stored in the blockchain. We can track that wallet or email address through the blockchain.

Statistics compiled by the agency show that more than $102 million worth of crypto currency has been seized in 254 cases over the past five years.

The cases involved an investigation conducted by the Romanian National Police. This led to the arrest of 900 people across America. The scheme included posting false advertisements on prominent online auctions for luxury products that didn’t exist and delivering invoices from companies that claimed to be reputable, giving the impression the transactions were legitimate. According to the Secret Service, they then used victims’ money as digital assets.

Another case involved a Russian cybercrime group that utilized a cryptocurrency exchange to launder money as well as ransomware operations tied to Russian criminals. Bitcoin payments made by U.S. businesses to end the attacks were sent directly to the crypto wallets of the suspects.

Smith stated that cryptocurrency moves money faster than traditional formats. He also said that it is attractive for both American criminals and American consumers. The criminals are trying to make it difficult to track their activity and to create confusion. That is why we are determined to pursue them in an aggressive and linear manner.

Smith was interviewed in the Global Investigative Opera Center (also known as “GIOC”) of the agency. This is where agents and analysts keep track of cryptocurrency transactions around the world in a secured room located at the headquarters. The illicit digital money trail was like looking through a house of mirrors.

After identifying illegal activities, the Secret Service works with the Secret Service to dig a bit deeper and reconstruct those transactions [them]Smith stated that. You send me something malicious via email. I’m sure there is criminal activity linked to that address. I can help you deconstruct and find any tidbits that you have about that address when you signed up or logged into it.

According to investigators, thieves may transfer bitcoin and other digital currencies to stabilizecoins. To track these activities, investigators are closely monitoring the markets. They are human too, so they know that criminals can also be humans. “They want to avoid market volatility that is associated with major coins,” said he.