International law enforcement agencies, spearheaded by the United Kingdom's National Crime Agency (NCA), have frozen more than $12 million in suspected criminal proceeds and identified over 20,000 victims during a weeklong coordinated crackdown on cryptocurrency investment fraud known as Operation Atlantic. The operation, co-hosted by the NCA, the U.S. Secret Service, the Ontario Provincial Police, and the Ontario Securities Commission, specifically targeted a scam method called approval phishing.
Key Takeaways
- The NCA’s Operation Atlantic froze over $12 million in criminal crypto proceeds and identified 20,000 victims across the UK, US, and Canada.
- More than $45 million in total cryptocurrency fraud was mapped globally, signaling how widespread approval phishing has become.
- The NCA and partners will continue analyzing Operation Atlantic intelligence to pursue suspects and support additional victims.
Approval Phishing: The Modus Operandi
Approval phishing is one of the most effective tools used by crypto scammers in recent years. Victims are typically lured by what appear to be legitimate cryptocurrency investment opportunities. Once they approve a transaction—often through a fake platform—criminals gain direct control over their digital wallets and drain funds. Many victims do not realize they have signed over wallet access until after the funds have already been stolen.
During the week of action, real-time intelligence sharing allowed investigators and private sector partners to trace illicit transactions and flag victims while funds were still recoverable. The NCA hosted participating agencies at its London headquarters. The City of London Police, the Financial Conduct Authority (FCA), and other international law enforcement bodies joined the operation alongside private industry partners.
NCA Deputy Director Comments
NCA Deputy Director of Investigations Miles Bonfield said the operation showed what is possible when international agencies and private industry work side by side. He noted that the action helped safeguard thousands of victims in the UK and abroad and stopped criminals before additional funds could be moved. "We know that fraudsters operate globally and, together with our international partners, so will the NCA to target them wherever they are based," Bonfield said.
The public-private collaboration is expected to become a central element of the UK government’s Fraud Strategy, announced last month. That strategy is designed to connect data, knowledge and expertise across industry and law enforcement to allow earlier intervention in active fraud cases.
Impact and Future Steps
More than 20,000 victims were identified across the United Kingdom, Canada, and the United States. Investigators also mapped more than $45 million in cryptocurrency stolen across fraud schemes worldwide. One UK victim identified during the operation is believed to have lost more than £52,000 to the scheme.
The NCA and its partners stressed that they will continue analyzing intelligence gathered during Operation Atlantic to support identified victims and build criminal cases. This operation marks a significant step in combating the rising threat of approval phishing, which has become a favored tactic among crypto scammers due to its stealthy nature. The coordinated response sends a clear message that international law enforcement will not hesitate to pursue criminals across borders, leveraging both public and private sector resources to protect investors.
In related news, the U.S. Treasury has launched a cybersecurity initiative expanding threat intelligence access for digital asset firms, signaling tighter integration with traditional finance and raising baseline protections against evolving threats like approval phishing.