In a monumental effort to combat the rising tide of cryptocurrency scams, the Lethbridge Police Service (LPS) has joined forces with various law enforcement agencies in an extensive investigation known as “Operation Disruption.” The collaboration, which notably includes the Calgary Police Service (CPS), has uncovered a staggering 770 victims of cryptocurrency fraud, 119 of whom are Canadians, collectively reporting losses amounting to a staggering $59 million.
Among the myriad of fraudulent schemes under scrutiny, one particularly insidious tactic, known as approval phishing, has emerged as a prevalent threat. In this scheme, scammers adeptly manipulate victims, often through online channels such as social media or pop-up ads, coercing them into approving malicious blockchain transactions. These transactions subsequently grant scammers unauthorized access to victims’ digital wallets, resulting in illicit fund withdrawals.
The concerted efforts of law enforcement agencies, including the RCMP, Delta Police Department, and Homeland Security Investigations, alongside key cryptocurrency exchanges such as NDAX and Binance, have centered on proactive policing and disruptive strategies aimed at thwarting these fraudulent activities.
Following a comprehensive workshop aimed at addressing the complexities of cryptocurrency fraud, the involved agencies have taken decisive action to notify victims, in a concerted effort to prevent further financial harm.
As crypto continues to gain prominence in the global financial landscape, the collaboration between law enforcement and industry stakeholders stands as a beacon of hope in safeguarding investors against the perils of fraudulent schemes.
