Law enforcement agencies across three countries have frozen more than $12 million linked to cryptocurrency fraud as part of a coordinated effort known as Operation Atlantic. The operation, which took place in March, was focused on phishing attacks targeting crypto users. Authorities identified over 20,000 victims across the United States, United Kingdom and Canada, according to a statement released Thursday.
The operation was coordinated by the UK’s National Crime Agency, the US Secret Service, the Ontario Provincial Police and the Ontario Securities Commission. In addition to the frozen assets, investigators identified more than $45 million in total cryptocurrency stolen through fraud schemes. The NCA described the scale of the operation as a significant milestone in cross-border crypto enforcement.
At the center of the investigation were approval phishing scams, a method that differs from conventional crypto fraud. Rather than tricking victims into directly sending funds, these scams deceive users into signing malicious permissions that grant attackers control over specific tokens within their wallets. This allows criminals to drain funds without the victim knowingly initiating a transfer.
Binance, one of the world’s largest cryptocurrency exchanges, provided assistance during the operation, according to a separate statement from the company. Its Special Investigations team was present at on-site sessions held at the NCA’s London headquarters, where they conducted live account screening and shared scam intelligence. Binance also contributed research that identified scam websites still actively defrauding victims at the time of the operation.
The exchange additionally provided information on potential bad actors to support asset seizure efforts. Binance confirmed that no funds were frozen on its own platform as part of the operation. The company’s senior regional advisor for Europe, Middle East and Africa, Flavio Tonon, described approval phishing as one of the most harmful scam types currently targeting crypto users.
NCA Deputy Director of Investigations Miles Bonfield highlighted the value of cooperation between international agencies and private industry, calling the operation a demonstration of what such partnerships can achieve. Tonon echoed that sentiment, noting that the transparency inherent in blockchain technology makes it harder for criminals to escape accountability following phishing exploits. The operation reflects a broader trend of public and private entities combining resources to combat crypto-related crime.
Originally reported by CoinTelegraph.
