Ethereum Users Targeted: U.S. Secret Service and Canadian Authorities Dismantle $4.3M Phishing Scam

In a joint operation called "Avalanche," the U.S. Secret Service and Canadian law enforcement successfully shut down a sophisticated phishing scam targeting Ethereum users. The cybercriminals managed to steal over $4.3 million before they were stopped.

🎯 The Targets: Victims’ Crypto Wallets The scam used a technique known as “approval phishing.” Victims were tricked into clicking what appeared to be a harmless link. In reality, the click authorized an unknown third party to access their crypto wallets, giving scammers full control without needing a password. The U.S. Secret Service worked alongside agencies like the Royal Canadian Mounted Police (RCMP) and the Securities Commissions of Ontario, Alberta, and British Columbia, coordinating with blockchain analysts, crypto exchanges, and cybersecurity experts to neutralize the threat.

🛡️ Frozen Wallets and Early Warnings By analyzing blockchain activity, investigators quickly identified compromised wallets and contacted affected users before they suffered further losses. Victims were urged to revoke unauthorized access using tools like Revoke.cash or Etherscan’s Token Approval Checker. “We were able to warn victims before they lost everything,” said Bonnie Lysyk of Ontario’s Securities Commission.

🌍 A Global Fight Against Crypto Crime Operation Avalanche is part of a broader effort to combat the surge in crypto scams worldwide. The U.S. Secret Service recently took down websites linked to Russian crypto exchanges involved in illegal activities. This type of scam is becoming increasingly common. Recent reports from Australia revealed that over 90 crypto companies were shut down due to similar frauds.

📢 Authorities Urge Caution Users are advised to: 🔹 Avoid clicking suspicious links

🔹 Use official wallet apps only

🔹 Regularly check and manage wallet permissions

🔹 Stay away from unsolicited token offers The suspects’ identities have not been disclosed due to the ongoing investigation, but officials warn: crypto scams are getting more clever and widespread.

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