SKN | Global Crackdown Freezes $12M in Crypto Scam Funds Under Operation Atlantic

Key Points:

• Authorities froze over $12 million tied to crypto scams.
• Operation Atlantic identified more than 20,000 victims globally.
• Focus centered on approval phishing attacks targeting wallets.

International Operation Targets Crypto Fraud

A coordinated effort between authorities in the US, UK and Canada has led to the freezing of more than $12 million in cryptocurrency linked to scam operations.

Dubbed Operation Atlantic, the initiative was led by the National Crime Agency, alongside the United States Secret Service and Canadian enforcement bodies.

Thousands of Victims Identified

The operation uncovered more than 20,000 victims across the three countries, highlighting the масштаб and reach of crypto-related fraud schemes.

Investigators also traced over $45 million in stolen digital assets, underscoring the growing sophistication and scale of cyber-enabled financial crime.

How Approval Phishing Works

The scams targeted in Operation Atlantic relied on “approval phishing,” a tactic that tricks users into granting malicious permissions to attackers.

Instead of directly sending funds, victims unknowingly authorize transactions that allow scammers to access and drain their wallets—making the attack harder to detect until it’s too late.

Role of Industry Collaboration

Private sector cooperation played a key role in the investigation. Binance contributed intelligence, account monitoring and insights into active scam networks, helping authorities track illicit activity more effectively.

However, the company clarified that no funds were frozen directly on its platform during the operation.

Blockchain Transparency Aids Enforcement

Authorities emphasized that blockchain technology, often seen as a challenge for regulators, can also serve as a powerful investigative tool.

Transaction transparency allows law enforcement to trace illicit flows, identify bad actors and coordinate asset recovery efforts across borders.

A Growing Focus on Crypto Crime Prevention

Operation Atlantic reflects a broader trend of increased global cooperation to combat crypto-related fraud.

As scams become more advanced, authorities are leaning on partnerships with industry players and leveraging blockchain analytics to protect users and strengthen enforcement.

The operation sends a clear message: while crypto offers new financial opportunities, it also requires heightened vigilance and coordinated action to prevent abuse.