International law enforcement agencies, led by the UK’s National Crime Agency (NCA), froze more than $12 million in suspected criminal proceeds and identified over 20,000 victims during a coordinated crackdown on cryptocurrency investment fraud. Codename Operation Atlantic, the weeklong action was co-hosted by the NCA, U.S. Secret Service, Ontario Provincial Police and the Ontario Securities Commission.
The operation specifically targeted approval phishing—a scheme where criminals trick victims into granting wallet access through fake investment platforms. Once a victim approves a transaction, attackers gain direct control over the wallet and drain its funds. Many victims remain unaware of the breach until funds have already disappeared.
$12M Frozen, $45M Mapped Globally
Investigators mapped more than $45 million in stolen cryptocurrency across fraud schemes worldwide. Over 20,000 victims were identified across the United Kingdom, Canada, and the United States. One UK victim is believed to have lost more than £52,000 to the scheme. Real-time intelligence sharing allowed investigators and private sector partners to trace illicit transactions and flag victims while funds were still recoverable.
Miles Bonfield: Fraudsters Operate Globally, So Will We
The NCA hosted participating agencies at its London headquarters, joined by the City of London Police, the Financial Conduct Authority (FCA) and other international law enforcement bodies alongside private industry partners. NCA Deputy Director of Investigations Miles Bonfield said: “We know that fraudsters operate globally and, together with our international partners, so will the NCA to target them wherever they are based.” He stressed that the action helped safeguard thousands of victims in the UK and abroad and stopped criminals before additional funds could be moved.
Public-Private Collaboration to Anchor UK Fraud Strategy
The public-private collaboration is expected to become a central element of the UK government’s Fraud Strategy, announced last month. That strategy aims to connect data, knowledge and expertise across industry and law enforcement, enabling earlier intervention in active fraud cases. The NCA and its partners will continue analyzing Operation Atlantic intelligence to pursue suspects and support additional victims.
Approval phishing has emerged as one of the most effective tools in crypto scammers’ arsenals in recent years. Its stealthy nature leaves victims unaware until funds are gone. This large-scale international operation sends a clear message: even when funds move into crypto, law enforcement can trace and freeze them.