Operation Atlantic targets cross-border cryptocurrency fraud
An international law enforcement operation has disrupted more than $45 million in cryptocurrency fraud and frozen at least $12 million in stolen funds, highlighting the growing scale of cross-border cybercrime and the increasing coordination among global authorities.
Operation Atlantic, a week-long initiative conducted on March 27, involved agencies from the United States, United Kingdom, and Canada. The effort focused on identifying victims of so-called “approval phishing” scams, a tactic used by cybercriminals to gain unauthorized access to cryptocurrency wallets.
Investigators said they identified more than 20,000 cryptocurrency wallet addresses linked to victims across over 30 countries, including the U.S., U.K., and Canada. Of the total amount uncovered, approximately $12 million in funds that had already been transferred out of victims’ accounts were successfully frozen, with authorities aiming to return the assets. An additional $33 million in suspected fraudulent funds remains under investigation.
The operation also led to the disruption of more than 120 web domains used to facilitate these schemes. Authorities said these sites were designed to mimic legitimate platforms and trick users into granting access to their digital wallets.
Approval phishing scams typically involve fraudulent pop-ups or alerts that appear to come from trusted cryptocurrency services. Victims are prompted to “approve” access, unknowingly giving attackers full control over their wallets. Once access is granted, funds can be transferred instantly, often making recovery difficult due to the irreversible nature of blockchain transactions.
Officials said the operation prioritized both disrupting active fraud schemes and reaching out to potential victims before further losses occurred. Authorities emphasized that early intervention played a key role in preventing additional financial damage.
Operation Atlantic was co-led by the U.S. Secret Service, the U.K.’s National Crime Agency, the Ontario Provincial Police, and the Ontario Securities Commission, with support from other enforcement bodies and private sector partners.
The results underscore the increasing reliance on international cooperation to address cryptocurrency-related fraud, as cybercriminal networks continue to operate across jurisdictions and exploit the global nature of digital assets.
