- International law enforcement agencies froze $12 million and identified another $33 million tied to global cryptocurrency scams during a coordinated week-long initiative.
- The multi-jurisdictional effort, dubbed Operation Atlantic, targeted approval phishing scams and disrupted over 120 fraudulent domains.
- Authorities identified more than 20,000 victim wallets across 30 countries with technical assistance from private exchange operators.
Operation Atlantic Targets Approval Phishing
The U.S. Secret Service, a federal law enforcement agency tasked with investigating financial crimes, coordinated with international counterparts this week to disrupt a major cryptocurrency fraud network. The joint initiative, known as Operation Atlantic, involved the UK’s National Crime Agency (NCA) and Canada’s Ontario Provincial Police.
Investigators focused on approval phishing. This deceptive tactic involves tricking victims into granting access to their cryptocurrency wallets under the pretense of investment opportunities. Once access is authorized, bad actors transfer assets out of the wallet.
During the week-long operation, authorities froze $12 million in suspected criminal proceeds. They also identified an additional $33 million believed to be linked to related investment fraud schemes.
Infrastructure Disruption and Scale
Law enforcement dismantled critical operational infrastructure used by the perpetrators. Officials disrupted more than 120 cryptocurrency fraud domains to cut off access to the network.
The scale of the targeted operations spans multiple jurisdictions. Investigators identified over 20,000 cryptocurrency wallet addresses linked to fraud victims in more than 30 countries.
Private Sector Compliance and Assistance
The operation highlights the current regulatory framework’s reliance on public-private coordination for on-chain investigations. Binance, a major cryptocurrency exchange operator, provided on-the-ground technical support in London.
The exchange’s investigations unit supplied live screening workflows and proactive intelligence regarding active scam websites. This data assisted authorities in tracing the funds and executing asset seizures.
NCA Deputy Director of Investigations Miles Bonfield characterized the initiative as a “successful example of public-private cooperation.” The operation establishes a clear precedent for how cross-border regulatory task forces integrate with digital asset service providers to enforce compliance.
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