U.S. and Canadian Authorities Thwart $4.3M Ethereum Phishing Scam

In a significant crackdown on cryptocurrency fraud, U.S. and Canadian law enforcement agencies have successfully disrupted a $4.3 million Ethereum phishing scam. The operation, led by the U.S. Secret Service and Canadian authorities, targeted a sophisticated approval phishing scheme designed to exploit Ethereum wallet users. By identifying compromised blockchain addresses and notifying victims, the collaborative effort has prevented further financial losses and highlighted the growing risks of decentralized finance (DeFi) scams.

U.S. and Canadian Authorities Disrupt $4.3M Ethereum Phishing Scam

A collaborative U.S.-Canadian operation has successfully blocked a $4.3 million approval phishing attack targeting Ethereum wallet users. The U.S. Secret Service and Canadian law enforcement agencies tracked down and notified the victims, identifying multiple blockchain addresses that were compromised or vulnerable to exploitation. Scammers use approval phishing to trick users into authorizing token transfers, granting them access and control to drain the wallets. The operation, named Avalanche, prevented further losses in this sophisticated scam that employs social engineering methods.

Ethereum Whale Cashes Out Amid Price Dip

Ethereum (ETH) price may be in trouble as a large whale sold 1,160 ETH, which they bought eleven months ago at $3,816 each. This transaction resulted in $2.6 million worth of losses as the current price has fallen to $1,580 per ETH token, a decline of 58.6%. The whale’s full-scale sale functions as an indicator of market-wide attitudes toward ETH, suggesting ongoing challenges in price stability as the market tries to recover from a bear market.

Ethereum Eyes Another Correction as Selloff Risks Grow: What’s Next for ETH Price?

Following comments by Federal Reserve Chair Jerome Powell, Ethereum’s price is struggling to validate a clear upward trend. On April 16, Powell stated that the Federal Reserve is not in a hurry to lower interest rates, highlighting a cautious approach. This announcement led to an increase in Ethereum’s exchange inflows, signaling increased chances of a potential bearish correction. Ethereum’s price has been trending downward, impacted by the Federal Reserve’s cautious outlook on the economy, which has dampened investor sentiment.

Ethereum Whales Dump 143K ETH as Price Nears $1,528 Support

Ethereum (ETH) price traded below $1,600 on Thursday, dipping 1% during the early Asian session, amid whale-driven sell pressure. Ali Martinez from IntoTheBlock reported that Ethereum whales offloaded over 143,000 ETH in the past seven days. The selling spree aligns with concerns over ETH’s value accrual model and its inability to capture fees after the March 2024 Dencun upgrade. Martinez noted that $1,528.50 is a key support level, with over 2.61 million addresses having accumulated around 4.82 million ETH at that price. If this support level is broken, it could trigger further downside volatility.