US, UK & Canada Launch ‘Operation Atlantic’ to Combat Crypto Fraud

Global Crackdown on Crypto Scams

Authorities from the United States, United Kingdom, and Canada have launched a joint initiative called “Operation Atlantic” to disrupt cryptocurrency-related fraud.

The operation brings together multiple agencies, including the US Secret Service, the National Crime Agency, and Canadian regulators and police forces.

The initiative is focused on identifying victims, preventing ongoing scams, and recovering stolen digital assets.

Targeting Approval Phishing Schemes

A major focus of Operation Atlantic is combating “approval phishing” scams, a growing form of crypto fraud.

These schemes trick users into signing malicious blockchain transactions that grant attackers permission to access their wallets.

Once access is granted, scammers can drain funds without needing further approval, making the attacks particularly dangerous.

Blockchain analytics firm Chainalysis describes the process as granting attackers permission to spend tokens directly from a victim’s wallet.

Law enforcement officials say these scams cost victims millions of dollars each year.

Real-Time Disruption of Fraud Networks

Authorities involved in Operation Atlantic aim to identify scams in near real-time and intervene before more funds are lost.

Brent Daniels, deputy assistant director for the Secret Service’s Office of Field Operations, emphasized the scale of the problem.

The operation is designed not only to track down perpetrators but also to alert potential victims early, reducing the impact of ongoing attacks.

Building on Previous Anti-Fraud Efforts

Operation Atlantic expands on earlier initiatives such as Canada’s Project Atlas, which targeted crypto fraud networks in collaboration with U.S. authorities.

The effort also includes cooperation with agencies like the Royal Canadian Mounted Police, the City of London Police, the US Attorney’s Office for the District of Columbia, and the Financial Conduct Authority.

This coordinated approach reflects the increasingly global nature of crypto-related crime.

Phishing Attacks Continue to Evolve

Crypto phishing scams have been rising in frequency, even as total losses fluctuate.

According to crypto intelligence platform Nominis, phishing attacks surged in February.

However, total losses from crypto scams and exploits dropped to $49 million, down from $385 million in January, suggesting fewer large-scale breaches but more frequent smaller attacks.

Billions Lost to Phishing Schemes

Data from Chainalysis highlights the long-term scale of the issue.

Between May 2021 and July 2024, approval phishing scams alone accounted for $2.7 billion in stolen crypto.

The firm previously launched its own initiative, Operation Spincaster, aimed at tracking and disrupting these types of scams.

Growing Need for Cross-Border Enforcement

The launch of Operation Atlantic underscores the need for international cooperation in tackling crypto crime.

Because blockchain transactions can cross borders instantly, fraud schemes often involve actors and victims in multiple jurisdictions.

By combining resources and intelligence, authorities hope to increase enforcement effectiveness and reduce the global impact of crypto scams.

As phishing techniques continue to evolve, officials say proactive measures like Operation Atlantic will be essential to protecting users and strengthening trust in digital asset markets.