🇺🇸 US Secret Service launches global operation to combat crypto scams.
The US Secret Service has indeed launched efforts to combat crypto scams, particularly through Operation Avalanche, a collaborative operation with Canadian law enforcement and financial regulators. This operation targeted an Ethereum blockchain-based scam, specifically an approval phishing scheme, responsible for defrauding victims of approximately $4.3 million.
Key Details of Operation Avalanche:
Partnerships: The US Secret Service worked with the BC Securities Commission, Ontario Provincial Police, Alberta Securities Commission, and other Canadian agencies to identify compromised wallets and warn affected users.
Scam Type: Approval phishing scams trick victims into granting access to their crypto wallets, allowing scammers to withdraw funds without their knowledge.
Impact: The operation demonstrates the effectiveness of international cooperation and blockchain forensics in disrupting transnational crypto scams.
Additionally, the US Secret Service has also been involved in other efforts to combat crypto crime, such as:
Seizing $9 million in crypto: In 2023, the Justice Department announced the seizure of nearly $9 million worth of Tether, linked to a cyber scam organization that exploited over 70 victims through romance scams and cryptocurrency confidence scams.
The US Secret Service is also working with the FBI on Operation Level Up, aimed at identifying and notifying victims of cryptocurrency investment fraud and preventing further financial loss.