Authorities in the UK, US, and Canada have taken a major step against crypto fraud, freezing more than $12 million linked to large-scale scam operations. The coordinated effort, known as Operation Atlantic, focused on a growing threat called “approval phishing” and has already helped protect thousands of victims worldwide.
Led by the UK’s National Crime Agency (NCA), the operation uncovered over 20,000 victims affected by these scams. Investigators also traced more than $45 million in suspected fraudulent activity tied to the same network.
Approval phishing is a particularly dangerous type of crypto scam. Instead of directly stealing funds, attackers trick users into approving malicious blockchain transactions. Once access is granted, scammers can drain tokens from victims’ wallets without needing further permission. This method has quickly become one of the most effective tools for cybercriminals in the crypto space.
Operation Atlantic was carried out in collaboration with several major agencies, including the US Secret Service, the Ontario Provincial Police, and the Ontario Securities Commission. The initiative ran as a focused, week-long campaign in March, combining real-time tracking with proactive intervention.
Rather than simply tracing stolen funds after the damage was done, authorities took a more aggressive approach. They worked to identify individuals who had already lost funds—or were at risk—and acted quickly to secure assets before criminals could move them further through laundering channels.
Blockchain analytics firm Chainalysis supported the effort, helping investigators map out the scam networks. The firm described approval phishing as a fast-growing threat and confirmed that the operation successfully froze over $12 million while tracking tens of millions more in stolen crypto.
Private companies also played an important role. Binance’s Special Investigations team assisted on-site at the NCA’s London headquarters, offering live account screening and fraud intelligence. The team also helped identify active scam websites. However, Binance clarified that no funds were frozen on its platform during the operation.
Officials say the results go beyond just the money recovered. According to NCA deputy director Miles Bonfield, the operation helped stop criminals in their tracks and prevented further losses for many potential victims across different countries.
While $12 million may seem small compared to the overall crypto market, Operation Atlantic highlights a bigger trend. Law enforcement agencies and private firms are increasingly working together in real time to fight sophisticated crypto crimes.
The case also serves as a warning for users. In many cases, the biggest risk comes from transactions users unknowingly approve themselves—making awareness and caution more important than ever in the crypto world.
Also read : Wall Street Jumps as Ceasefire Boosts Tech Stocks
