The US Secret Service, alongside Canadian law enforcement, has dismantled a significant phishing scam targeting Ethereum users.
Scale of Operation 'Avalanche'
The operation, called 'Avalanche', was conducted to trace stolen funds, freeze online wallets, and warn victims before they incurred further losses. Key Canadian participants include the British Columbia Securities Commission, Ontario Securities Commission, Alberta Securities Commission, and the Royal Canadian Mounted Police.
'Approval Phishing' Technique
The scam is a variant of a scheme known as 'approval phishing'. It deceives victims into allowing unknown third parties access to their crypto wallets. Scammers trick victims into clicking fake links that result in the confirmation of a transaction, giving scammers complete access to the wallet. Digital forensics experts quickly identified compromised wallets and reached out to affected users.
Global Fight Against Crypto Fraud
Operation 'Avalanche' is part of a broader effort to combat the increasing number of crypto scams. The US Secret Service is actively expanding its cyber investigation mission and is working to educate the public about security practices.
The collaborative efforts between US and Canadian authorities highlight the importance of combating cybercrime and protecting cryptocurrency users from fraudulent schemes.
