US, UK and Canada ran Operation Atlantic, uncovering $45M in crypto theft and freezing $12M to return to victims.
An international law enforcement operation from the US, UK and Canada, codenamed Operation Atlantic, has targeted large-scale cryptocurrency theft schemes. Authorities identified more than $45 million in stolen digital assets and successfully froze around $12 million.
The seized funds are expected to be returned to victims as investigations into the wider fraud networks continue.
“Operation Atlantic focuses on identifying victims who may have lost – or are at risk of losing – crypto assets through “approval phishing.” This tactic is often used in online investment fraud, often referred to as “pig butchering,” to lure victims into handing over ever-increasing amounts to scammers.” reads the announcement. “Approval phishing is a scam designed to trick you into unknowingly granting full access to your cryptocurrency wallet.”
Approval phishing is a crypto scam that tricks users into granting attackers access to their wallet. Victims receive fake prompts that look legitimate and are asked to “approve” access. Once accepted, scammers gain control and can steal funds, often irreversibly, using fake sites, apps, or links to deceive users.
According to the blockchain cybersecurity firm TRM, the authorities identified more than 20,000 victims identified across the UK, Canada, and the United States.
“Operational Atlantic is a powerful example of what is possible when international agencies and private industry work side by side. This intensive action has led to the safeguarding of thousands of victims in the UK and overseas, stopped criminals in their tracks and helped save others from losing their funds.” said NCA Deputy Director of Investigations Miles Bonfield.
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