Operation Atlantic Crypto Scam Crackdown: US, UK, Canada Freeze $12M in Approval Phishing Fraud

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International law enforcement agencies from the United States, United Kingdom, and Canada executed a coordinated week-long operation in March 2026 to dismantle cryptocurrency investment scams involving approval phishing tactics. The NCA-led initiative, supported by private sector blockchain analysts, identified more than 20,000 potential victims across multiple countries and enabled authorities to freeze over $12 million in suspected criminal proceeds while flagging an additional $45 million in stolen cryptocurrency linked to global fraud networks. Officials positioned the effort as a proactive model for real-time intervention against borderless digital fraud schemes.

The operation reflects a growing global push to combat large-scale crypto fraud, especially following incidents like the $580 million crypto scam crackdown, where U.S. authorities seized massive funds from transnational criminal networks operating across multiple regions.

Joint International Operation

Operation Atlantic united the UK’s National Crime Agency as the lead agency with the U.S. Secret Service, Ontario Provincial Police, and Ontario Securities Commission, operating from the NCA’s London headquarters. Launched on March 16, 2026, the action specifically targeted approval phishing scams, where fraudsters deceive victims into signing malicious wallet permissions under the pretense of legitimate investment opportunities. Real-time intelligence sharing and on-chain transaction tracing allowed teams to locate compromised wallets and contact at-risk individuals before funds could be transferred further along laundering chains. Private partners played a key role in mapping illicit flows. This collaboration disrupted multiple organized fraud networks and shifted focus from post-theft recovery to immediate victim protection across jurisdictions.

Impact on Fraud Networks

The operation highlighted the effectiveness of public-private partnerships in combating sophisticated cryptocurrency scams by combining law enforcement powers with industry tracing expertise. Authorities secured funds that would otherwise have been lost permanently, while gathering intelligence for follow-on investigations. Miles Bonfield, Deputy Director of Investigations at the National Crime Agency, stated: “Operation 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.” One identified UK victim reportedly lost more than £52,000. The initiative supports the UK government’s recently announced Fraud Strategy, which emphasizes better data connectivity between agencies and industry to enable earlier disruption of such schemes. Brent Daniels from the U.S. Secret Service also underscored the necessity of international collaboration to address these evolving threats effectively.

Operational Outcomes and Victim Reach

Operation Atlantic identified over 20,000 victims primarily in the United Kingdom, Canada, and the United States, with wallet addresses linked to individuals in more than 30 countries overall. Investigators secured and froze more than $12 million in suspected criminal proceeds taken directly from victims through approval phishing schemes commonly associated with investment and pig-butchering frauds. In parallel, authorities mapped more than $45 million in additional cryptocurrency stolen through related global fraud operations, much of which remains under active review for potential further recovery or disruption. The week-long action at NCA headquarters involved additional support from the City of London Police, Financial Conduct Authority, and private sector organizations that assisted in tracing transactions in real time. This enabled proactive outreach that prevented further losses and provided immediate safeguarding options for affected wallets. The operation continues to generate investigative leads as agencies analyze collected data to support victims and pursue the criminal networks responsible. Victims in the UK are advised to contact Report Fraud on 0300 123 2040, while Canadian victims can access resources through the Ontario Provincial Police.