Law enforcement in the UK, US and Canada coordinated to freeze more than $12 million in suspected proceeds from crypto scams as part of Operation Atlantic, a UK-led effort targeting “approval phishing” schemes that impacted over 20,000 victims. Authorities say the infrastructure uncovered in the operation is tied to more than $45 million in suspected fraud.
The National Crime Agency (NCA) led the week-long March initiative alongside the U.S. Secret Service, Ontario Provincial Police and the Ontario Securities Commission. Rather than only tracing funds after thefts, investigators worked proactively to identify victims who had already lost crypto or were at imminent risk of losing assets, then moved to secure those funds before criminals could launder them.
Chainalysis provided analytical support, helping map over $45 million in stolen tokens and assist in securing and freezing more than $12 million in suspected proceeds. Private-sector partners also played a role: Binance’s Special Investigations team embedded at the NCA’s London headquarters to offer live account screening, scam intelligence and help identify active scam websites. Binance noted that no funds were frozen on its platform as part of the action and emphasized that approval phishing is among the most damaging scams facing crypto users.
NCA deputy director of investigations Miles Bonfield said the operation protected thousands of victims at home and abroad, disrupted criminal networks and prevented further losses. The action underscores the growing sophistication of on-chain fraud and demonstrates how rapid coordination between law enforcement and exchanges can stop scams earlier in the criminal lifecycle.
Practical takeaway for users: many losses happen when victims unknowingly approve malicious transactions. Exercising care with on-chain approvals and double-checking requests can prevent attackers from draining wallets.