Operation Atlantic Freezes $12 Million in Crypto Losses: How Approval Phishing Scams Were Disrupted
In a coordinated crackdown spanning three continents, law enforcement agencies from the United Kingdom, the United States, and Canada have joined forces to combat a rising tide of digital theft. The initiative, known as Operation Atlantic, has already frozen $12 million in crypto losses tied to a deceptive technique called approval phishing. This marks a significant victory in the ongoing battle against cryptocurrency fraud, which continues to drain billions from victims worldwide.
What Is Approval Phishing and How Does It Work?
Approval phishing is a sophisticated form of cybercrime where scammers trick victims into granting full access to their cryptocurrency wallets. Typically, this involves fake alerts or pop-ups that appear to come from trusted apps or services. Once the victim approves the transaction, the scammer can drain the wallet without needing passwords or private keys.
This method has become increasingly common, partly because it exploits the trust users place in legitimate platforms. According to a report from blockchain analytics firm Chainalysis, approval phishing scams netted criminals at least $1 billion between May 2021 and December 2023. The technique often incorporates romance fraud tactics, where scammers build emotional connections with victims before convincing them to sign approval transactions.
Operation Atlantic: A Global Response to Crypto Fraud
Operation Atlantic, led by the UK’s National Crime Agency (NCA) with support from the US Secret Service, Ontario Provincial Police, and Ontario Securities Commission, ran for one week last month. The operation resulted in the freezing of $12 million in crypto losses and identified an additional $33 million stolen through similar schemes.
Private sector partners, including Binance, Coinbase, Tether, and blockchain analytics firms Elliptic, TRM Labs, and Chainalysis, played a crucial role. The NCA reported that multiple fraud networks were “disrupted” during the operation, with over 20,000 crypto wallets linked to fraud victims across more than 30 countries identified. Authorities also contacted 3,000 victims directly and disrupted over 120 web domains used for fraudulent schemes.
Miles Bonfield, NCA deputy director of investigations, emphasized the power of collaboration: “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.” He added, “We know that fraudsters operate globally and, together with our international partners, so will the NCA to target them wherever they are based.”
The Scale of Crypto Crime: Billions Lost Annually
The success of Operation Atlantic highlights a broader problem. According to the FBI’s Internet Crime Report 2025, cryptocurrency-related crime cost victims over $11.3 billion last year. Cryptocurrency investment fraud alone accounted for $7.2 billion in losses—the vast majority of the $8.6 billion lost to all investment scams. This makes crypto fraud the highest-earning crime category for cybercriminals, far surpassing traditional phishing, which accounted for an estimated $215 million.
Brent Daniels, assistant director for the US Secret Service’s Office of Field Operations, noted: “Operation Atlantic demonstrated the importance and need for international collaboration to stop cryptocurrency fraud. Through this operation, investigators prevented millions of dollars in fraud losses and disrupted millions more in fraudulent transactions, denying criminals the ability to prey on innocent victims.”
How to Protect Yourself from Approval Phishing
Protecting against approval phishing requires vigilance. Never approve transactions from unsolicited pop-ups or emails, even if they appear legitimate. Always verify the source by contacting the service directly through official channels. Use hardware wallets for large holdings and enable multi-factor authentication where possible.
For more insights, read our guide on how to avoid crypto scams. Additionally, stay updated on the latest cryptocurrency fraud trends to recognize emerging threats.
Conclusion: A Model for Future Enforcement
Operation Atlantic serves as a powerful example of what global cooperation can achieve. By freezing $12 million in crypto losses and disrupting extensive fraud networks, the initiative has sent a clear message to cybercriminals. However, with billions still at stake, continued collaboration between law enforcement and the private sector remains essential. As the crypto landscape evolves, so too must the strategies to protect investors from exploitation.
