In a joint operation dubbed “Operation Atlantic,” major cryptocurrency firms including Coinbase and Binance collaborated with international law enforcement agencies to combat crypto fraud. The initiative, hosted at the U.K.’s National Crime Agency headquarters, identified over 20,000 victims of approval phishing scams. Authorities flagged $45 million in stolen funds and successfully froze $12 million aimed for return to victims.
Crypto firms and government agencies teamed up in “Operation Atlantic,” designed to stop crypto fraud schemes and approval phishing campaigns. The sprint led to $12 million in frozen funds and $45 million in total traced funds believed to be related to crypto fraud.
Held at the U.K.’s NCA headquarters in London, the operation had involvement from Coinbase, Binance, the United States Secret Service, and more. Other partners included on-chain security firm Chainalysis, crypto exchange Kraken, and stablecoin issuer Tether.
The campaign focused on approval phishing, where malicious actors gain access to funds via fake pop-up notifications. More than 120 web domains used for these schemes were identified during the week, according to the Secret Service.
National Crime Agency Deputy Director of Investigations Miles Bronfield stated, “Operation Atlantic is a powerful example of what is possible when international agencies and private industry work side by side.” He added that the action safeguarded thousands of victims and stopped criminals in their tracks.
“With blockchain technology, we moved from identification to action in a single week-long sprint,” Coinbase wrote in a recap. The operation disrupted multiple fraud networks and will continue to analyze intelligence gathered.
