Authorities in the United States, United Kingdom, and Canada have frozen over $12 million tied to phishing scams targeting cryptocurrency users in a joint international operation called Operation Atlantic. The operation, coordinated in March and assisted by Binance, identified more than 20,000 victims and over $45 million in stolen crypto funds linked to these fraud schemes.
Law enforcement agencies from the United States, United Kingdom, and Canada have secured millions in a collaborative effort targeting crypto phishing scams. The operation, named Operation Atlantic, was coordinated in March by the UK’s National Crime Agency (NCA), the US Secret Service, the Ontario Provincial Police, and the Ontario Securities Commission.
Operation Atlantic identified more than 20,000 victims across the three nations. The NCA stated Thursday that it secured and froze more than $12 million in suspected criminal proceeds and identified over $45 million stolen in cryptocurrency fraud schemes.
“Operation Atlantic is a powerful example of what is possible when international agencies and private industry work side by side,” said NCA Deputy Director of Investigations Miles Bonfield. The operation involved assistance from the major cryptocurrency exchange Binance, according to a separate statement by the company.
The operation focused on stopping approval phishing scams, a particularly damaging fraud type. These scams trick users into signing malicious permissions that allow attackers to access and drain crypto wallets directly.
“Approval phishing is one of the most damaging types of scams targeting crypto users today,” said Flavio Tonon, a senior regional advisor for Binance. He noted that blockchain transparency makes it difficult for criminals to get away with such exploits.
On-site investigations took place at the NCA’s London headquarters, where Binance‘s Special Investigations team provided live account screening and scam intelligence. The company also provided insights on potential bad actors to assist with asset seizure efforts and identified active scam websites.
Binance stated that no funds were frozen on its own accounts as part of the operation. The company conducted research that identified websites still actively defrauding victims during the enforcement action.
