British Columbia’s Operation Avalanche has revealed that 89 individuals lost $4 million in total due to cryptocurrency fraud. The initiative targeted ‘approval phishing’, educating victims on how to prevent further losses.
In British Columbia, a collaborative operation led by the B.C. Securities Commission has uncovered substantial losses due to cryptocurrency fraud. Over a period of two days, the initiative, termed “Operation Avalanche,” identified 89 victims who collectively lost more than $4 million in assets to fraudulent activities.
Operation Avalanche involved a coalition of police, regulatory authorities, cryptocurrency trading platforms, and an analysis firm. Conducted in March, this operation focused on locating compromised crypto wallets on a platform where users might have unknowingly had their assets accessed by fraudsters.
The primary method of deception was identified as “approval phishing.” This tactic involves tricking victims into granting criminals access to their cryptocurrency wallets, which ultimately leads to significant thefts without the victims’ awareness. The B.C. Securities Commission aims to identify and assist the victims, helping them implement measures to prevent further financial losses.
