The post US Secret Service Teams with Canada to Halt $4.3M Ethereum Phishing Attack appeared on BitcoinEthereumNews.com.

The U.S. Secret Service, alongside Canadian authorities, has successfully disrupted a major Ethereum phishing scam that led to losses of $4.3 million. The operation, known as “Operation Avalanche,” targeted Ethereum users who fell victim to a scheme known as “approval phishing.” This coordinated effort aimed to track down stolen funds and prevent further damage to digital wallets. US Secret Service Stops $4.3M Ethereum Phishing Attack According to a press release, the U.S. Secret Service worked with several Canadian agencies, including the British Columbia Securities Commission (BCSC), to combat this scam. The operation involved collaboration between securities regulators, police, crypto trading platforms, and blockchain analysis firms. This multi-agency effort aimed to locate compromised digital wallets on the Ethereum blockchain, warn affected wallet holders, and prevent further losses. “The operation brought together multiple sectors in both the U.S. and Canada to safeguard individuals against fraudulent crypto activities,” said Special Agent in Charge Matt McCool of the U.S. Secret Service. This partnership is crucial in addressing the growing threat of crypto fraud, like the recent Indian crackdown, which has been increasingly difficult to tackle due to its borderless nature. Tackling the ‘Approval Phishing’ Scam The primary method used in the scam was “approval phishing,” where fraudsters trick victims into approving transactions on their wallets. In this scheme, victims unknowingly grant access to their funds by clicking on a deceptive link or approving a fraudulent transaction. Once access is granted, the attackers could withdraw funds from the compromised wallet. During the US Secret Service operation, authorities identified and reached out to victims affected by this crypto scam. They informed the victims of the risk, urging them to take necessary actions to secure their wallets. This approach is part of a broader effort to educate crypto users and prevent future attacks like the recent move…

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Filed under: News - @ April 17, 2025 2:24 am