Operation Atlantic Freezes $12M in Crypto Scam Proceeds

Authorities in the United States, United Kingdom and Canada have frozen millions of dollars tied to crypto scams in a joint enforcement operation called Operation Atlantic.

The operation, focused on phishing attacks, took place in March and was coordinated by the UK’s National Crime Agency (NCA), the US Secret Service, the Ontario Provincial Police and the Ontario Securities Commission.

Operation Atlantic identified more than 20,000 victims across the US, Canada and the UK, securing and freezing more than $12 million in suspected criminal proceeds, the NCA said Thursday. It also identified “more than $45 million stolen in cryptocurrency fraud schemes,” the agency added.

“Operation Atlantic is a powerful example of what is possible when international agencies and private industry work side by side,” NCA Deputy Director of Investigations Miles Bonfield said.

The operation involved assistance from major cryptocurrency exchange Binance, according to a separate statement by the company.

What is an approval phishing scam?

Approval phishing scams trick users into signing malicious permissions that allow attackers to access and drain crypto wallets.

Unlike typical scams, where perpetrators trick victims into sending them crypto, approval phishing misleads victims into unknowingly authorizing malicious transactions that allow scammers to spend specific tokens inside the victim’s wallet.

“Approval phishing is one of the most damaging types of scams targeting crypto users today,” said Flavio Tonon, Binance’s senior regional advisor for the Europe, Middle East and Africa region.

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He 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.

No funds were frozen on Binance as part of the operation

Operation Atlantic included on-site investigations at the NCA’s London headquarters, where Binance said its Special Investigations team provided support, including live account screening and scam intelligence.

The company also provided insights on potential bad actors in order 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.

Binance said no funds were frozen on Binance accounts.

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