How Coinbase Helped Reclaim $225 Million
On today's episode of The Other Side of the Firewall, Shannon, Chris Abacon , and I dove into a staggering $225 million crypto recovery led by Coinbase, in coordination with the Secret Service. They traced stolen USDT—often linked to human trafficking and “pig butchering” scams—and helped claw it back. More victims are now eligible for restitution. It’s an encouraging trend, but far from a complete solution.
“If you got scammed out of your money, … you can file a claim with the FBI Internet Crimes Complaint Center,” Shannon tells us.
But the issue runs deeper. Chris highlighted how perpetrators—posing as “successful crypto influencers”—exploit vulnerabilities in human nature using romance scams and high-pressure tactics. They often script fake returns showing “you’ve earned 50%, 80%”—designed to lure people in. Worse, trafficking victims can be forced to recruit others as part of the scam—a twisted “Ponzi within human trafficking.”
I reflected on a prior episode with Michael Ware , where we learned that victims are sometimes coerced into perpetuating scams to repay debts. Their passports might be seized, and they’re held captive—disguised as “carders,” cold-callers, or crypto recruiters. We likened it to “the underbelly of commerce.”
Despite the technological sophistication of blockchains, digital money is much harder to recover than physical cash: cold hard cash has serial numbers—you can track and seize it. Crypto? Not so much. That’s why I advise caution: keep some funds in tangible assets until the ecosystem becomes safer.
Three key takeaways:
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Ryan is a retired Air Force veteran who brings over 20 years of experience in network infrastructure, project management, and cybersecurity consulting to his current role as CEO of RAM Cyber Consulting & Assessments, LLC. RAM Cyber is a premier governance, risk, and compliance (GRC) consultancy dedicated to supporting the Defense Industrial Base (DIB), federal agencies, and corporate entities. We specialize in delivering expert guidance to ensure compliance, mitigate risks, and enhance cybersecurity postures.
Shannon, also a retired Air Force veteran, has more than two decades of expertise in network security and vulnerability management. He now serves as an Information System Security Officer (ISSO), where he continues to enhance national security protocols.
Chris is a Navy veteran with over 13 years in IT, information assurance, and risk management. His current role as a Senior Security Consultant focuses on vCISO and Cyber Assessments services enhancing data security and privacy for various organizations.
**The Other Side of the Firewall podcast is a product of RAM Cyber Consulting & Assessments, LLC. RAM Cyber Consulting & Assessments, LLC is a premier governance, risk, and compliance (GRC) consultancy dedicated to supporting the Defense Industrial Base (DIB), federal agencies, and corporate entities. We specialize in delivering expert guidance to ensure compliance, mitigate risks, and enhance cybersecurity postures. RAM Cyber is pending SDVOSB, VOSB, and 8(a) certification by the SBA, underscoring our commitment to excellence and service.