UK, US and Canadian law enforcement agencies have successfully frozen more than $12 million in suspected crypto scam proceeds through Operation Atlantic, according to reports from crypto.news. The joint operation, led by the UK's National Crime Agency (NCA), identified over 20,000 victims of approval phishing schemes and mapped more than $45 million in stolen cryptocurrency tied to related fraudulent infrastructure. The week-long initiative, which ran in March, focused on scams that trick users into signing malicious on-chain approvals, allowing attackers to drain tokens directly from victims' wallets. As per TradingView News, the operation secured and froze more than $12 million in suspected criminal proceeds while identifying 'more than $45 million stolen in cryptocurrency fraud schemes'.
Operation Atlantic was co-hosted by the U.S. Secret Service, Ontario Provincial Police and the Ontario Securities Commission, as reported by crypto.news. The NCA's approach differed from traditional investigations by working to identify victims who have lost, or were at risk of losing, cryptocurrency through approval phishing, securing assets before criminals could move them further down the laundering chain. Chainalysis supported the operation, describing the approach as targeting 'approval phishing scams that trick victims into granting criminals permission to drain their wallets'. NCA Deputy Director of Investigations Miles Bonfield emphasized that 'Operation Atlantic is a powerful example of what is possible when international agencies and private industry work side by side'.
Binance provided on-site support at the NCA's London headquarters, including live account screening and scam intelligence, according to crypto.news. The exchange stressed that 'no funds were frozen on Binance accounts as part of the operation' but called approval phishing 'one of the most damaging types of scams targeting crypto users today'. Binance's senior regional advisor for Europe, Middle East and Africa region Flavio Tonon noted that the operation underscores 'how effective crime fighting is possible when private and public partners work together', adding that blockchain transparency makes it difficult for criminals to get away with phishing exploits. Binance's Special Investigations team provided insights on potential bad actors to assist with asset seizure efforts and conducted research that identified scam websites that were still actively defrauding victims at the time of the operation.
NCA deputy director of investigations Miles Bonfield stated that the operation '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', as reported by crypto.news. Bonfield emphasized that 'fraudsters operate globally and, together with our international partners, so will the NCA to target them wherever they are based'. While the recovered sums are relatively small compared to the broader crypto market, the operation highlights growing sophistication of on-chain fraud and increased coordination between law enforcement and major exchanges. The operation involved on-site investigations at the NCA's London headquarters and demonstrates the effectiveness of international cooperation in combating crypto-related financial crimes.
