Canadian regulators were part of a coordinated enforcement effort targeting phishing scams and safeguarding millions in investor funds
A sweeping international enforcement initiative has disrupted more than US$45 million in cryptocurrency-related fraud while freezing approximately $12 million in stolen assets, highlighting intensified efforts to combat digital investment scams.
Led by securities regulators and law enforcement partners, Operation Atlantic focused on tackling “approval phishing” schemes—an increasingly common tactic used to gain unauthorized access to crypto wallets. These scams often deceive individuals into approving transactions that ultimately allow fraudsters to drain their holdings.
The Ontario Securities Commission said the coordinated effort enabled authorities to both identify large-scale fraudulent activity and intervene before additional funds could be moved beyond reach.
“The results from Operation Atlantic underscore the strong and ongoing commitment to capital markets enforcement and investor protection shared by the Ontario Securities Commission and our international partners,” said Bonnie Lysyk, Executive Vice President, Enforcement, OSC. “We will continue to pursue bad actors, deepen cross‑border collaboration, and apply advanced enforcement techniques to identify and disrupt crypto‑enabled fraud.”
The initiative brought together agencies across multiple jurisdictions including the OSC, the Ontario Provincial Police, RCMP, the US Secret Service, and the UK’s National Crime Agency, along with private-sector participants, to trace suspicious transactions and pinpoint victims. By leveraging blockchain analysis and cross-border intelligence sharing, investigators were able to follow the flow of illicit funds and act quickly to contain further damage.
Officials noted that thousands of victims were identified globally, underscoring the widespread impact of crypto-related fraud. The operation also demonstrates how collaboration between regulators, enforcement bodies, and industry players can improve response times in an environment where transactions occur rapidly and often irreversibly.
Approval phishing remains a major concern for regulators, as it allows bad actors to bypass traditional security measures by exploiting user consent rather than system vulnerabilities.
Authorities say insights gathered through Operation Atlantic will inform ongoing investigations and strengthen future enforcement actions, as efforts continue to address the evolving risks tied to digital assets.
“Through Operation Atlantic, investigators were able to disrupt fraud in progress and freeze millions of dollars linked to approval‑phishing schemes,” said Detective Superintendent Jennifer Spurrell, Director of Financial Crimes Services with the Ontario Provincial Police. “This operation demonstrates the real impact collaborative enforcement can have, reducing financial harm and helping individuals avoid the lasting financial consequences of fraud.”
