Authorities from the United States, United Kingdom, and Canada have disrupted more than $45 million in crypto fraud through a joint sweep called Operation Atlantic, freezing $12 million in stolen funds.
During its week-long operation in March, Operation Atlantic concentrated on “approval phishing,” a rapidly growing subset of bitcoin fraud. The UK’s National Crime Agency led the effort alongside the U.S. Secret Service, the Ontario Provincial Police, and the Ontario Securities Commission.
Investigators found more than 20,000 victim wallet addresses across more than 30 countries, including the US, Canada, and the UK. They swiftly secured assets after locating over $45 million in stolen bitcoin linked to investment fraud.
So far, Operation Atlantic has frozen about $12 million in funds seized from victims’ wallets, with the goal of returning them. Investigators flagged another $33 million linked to suspected fraud, which is now facing further review.
How Approval Phishing Drained Wallets
Approval phishing scams trick users into signing malicious on‑chain permissions that hand criminals control of their wallets. Victims usually see a pop‑up or notification that appears to come from a trusted app, exchange, or investment platform.
Once users “approve” the request, scammers can move tokens directly from the wallet without further consent. Criminals then transfer funds through multiple addresses and services, which makes recovery very difficult once the money leaves the original account.
During Operation Atlantic, authorities also took down more than 120 domains linked to these phishing schemes. Those websites served as key entry points where victims connected their wallets and unknowingly signed harmful permissions.
Global Coordination and Private‑Sector Support
To monitor flows and freeze assets, law enforcement authorities collaborated closely with blockchain analytics companies and exchanges. Chainalysis says investigators used its tools to map over $45 million in stolen cryptocurrency linked to related fraud clusters and identify over 20,000 victims.
Binance reported that its special investigations team joined on‑site work at the NCA’s London headquarters, screening accounts and sharing intelligence on suspected scam infrastructure. Authorities stressed that no victim funds were frozen on Binance itself during the operation.
Operation Atlantic is a great example of how working together across borders can prevent future fraud, rather than just looking into what has already happened.
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