Secret Service, Canadian Officials Disrupt $4.3M Ethereum “Approval Phishing” Scam
U.S. Secret Service forensic analysts and Canadian authorities are addressing $4.3 million in approval phishing attacks targeting Ethereum wallet holders. Approval phishing involves tricking users into signing transactions that allow attackers to access their crypto wallets. The operation, named Operation Avalanche, focused on identifying compromised wallets on the Ethereum blockchain and contacting affected wallet owners. It was led by the U.S. Secret Service and the B.C. Securities Commission, with support from various Canadian law enforcement agencies and a crypto exchange. The Secret Service aims to identify and recover stolen assets for victims. Approval phishing has caused an estimated $2.7 billion in losses from May 2021 to July 2024, with many incidents going unreported. While such attacks can target organizations, they often focus on wealthy individuals in the crypto and NFT space.
