17-4-2025 – American and Canadian authorities have joined forces to tackle a sophisticated cryptocurrency theft scheme that has already claimed millions in victims’ funds.
The collaborative effort, christened “Operation Avalanche”, saw the United States Secret Service working hand-in-hand with the British Columbia Securities Commission to combat an emerging threat known as “approval phishing” on the Ethereum blockchain network.
The investigation revealed a disturbing pattern of cyber theft, with compromised digital wallets suffering losses totalling $4.3 million. At the heart of this criminal enterprise lies a deceptive tactic where fraudsters trick cryptocurrency holders into unknowingly granting access to their digital assets.
“Our Washington Field Office analysts have provided crucial support to our Canadian counterparts,” remarked Special Agent in Charge Matt McCool. He emphasised their ongoing commitment to asset recovery and victim restitution through continued international cooperation.
This operation marks another significant stride in the Secret Service’s expanding role in cryptocurrency oversight. The agency, traditionally responsible for safeguarding America’s economic integrity, has demonstrated increasing vigilance in the digital currency sphere. Their recent actions include the successful targeting of Garantex, a Russian cryptocurrency exchange, resulting in domain seizures and asset freezes.
The unprecedented alliance brought together an extensive network of stakeholders, including securities regulators, multiple Canadian law enforcement agencies, cryptocurrency trading platforms, and blockchain analysis specialists. Their primary objective focused on identifying compromised wallets within the Ethereum ecosystem and alerting potential victims before they fall prey to these sophisticated scams.
