Operation Avalanche: Canadian authorities combat crypto fraud
Date: 2025-04-18 Author: Oliver Abernathy Categories: IN WORLD
Canadian law enforcement agencies, with the support of the US Secret Service, as well as representatives of cryptocurrency platforms Netcoins, Ndax and Coinbase, carried out a special operation called Avalanche. It involved regulatory authorities from the provinces of Alberta, Ontario and Quebec, as well as the Royal Canadian Mounted Police, the Vancouver and Delta police departments.
The main focus of the operation was on one type of crypto fraud - the so-called “approval phishing”. In this scheme, attackers convince users to independently provide permission to manage their wallets. After gaining access, the criminals quietly transfer digital assets to their accounts.
Operation Avalanche was aimed at finding and blocking such cases, as well as notifying victims in order to minimize damage. According to police, criminals involved in such schemes often operate outside of Canada and act in an organized manner, which makes them especially difficult to catch. Therefore, promptly identifying victims is a critical step in protecting investors.
“We are working hard to warn users of the risks and give them time to take action to protect their remaining assets,” law enforcement officials said.
As a result of the investigation, it was possible to identify and notify 89 people whose wallets were compromised. Thanks to the prompt work, the victims were given a chance to save part of their digital funds and avoid further losses.
In response to the rise in crypto fraud, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) announced its intention to strengthen controls over transactions using cryptocurrencies. One of the priority tasks of the agency will be to identify attempts to launder funds through digital assets.
Operation Avalanche became an example of how joint efforts of different agencies and technology companies can produce results in the fight against cybercrime, even if the attackers are operating on the other side of the planet.
