Canadian regulators and crypto platforms coordinate to disrupt fraud
Canadian and international regulators, in collaboration with crypto platforms, conducted Operation Avalanche to identify and warn victims of crypto fraud using blockchain analysis.
EthereumWalletScamFraud
On April 16, 2025, the Ontario Securities Commission, together with agencies from across Canada and international partners, launched Operation Avalanche to combat crypto fraud. Led by the British Columbia Securities Commission and supported by police agencies, crypto trading platforms, and the blockchain analysis firm Chainalysis, the operation targeted compromised Ethereum wallets exploited through an approval phishing tactic. A total of 89 victims were contacted to prevent further losses, and information gathered during the effort is aiding ongoing regulatory and law enforcement investigations. The coordinated operation involved multiple agencies including the Alberta Securities Commission, the Autorité des marchés financiers, the Delta Police Department, the Vancouver Police Department, the RCMP, and the U.S. Secret Service, emphasizing the importance of proactive and innovative approaches in protecting investors and maintaining market integrity.