In a major international crackdown on cryptocurrency fraud, law enforcement agencies from the United States, United Kingdom, and Canada have successfully concluded Operation Atlantic. The week-long operation resulted in the freezing of over $12 million in stolen cryptocurrency, the identification of more than 2,000 victims across over 30 countries, and the dismantling of 120 web domains used by scammers.
The operation specifically targeted "approval phishing" scams, a sophisticated tactic where criminals pose as legitimate crypto investment platforms. Victims are tricked by pop-up ads into granting malicious smart contract permissions, which allows scammers to instantly drain their digital wallets. The U.S. Secret Service, leading the operation alongside the UK's National Crime Agency (NCA) and the Ontario Provincial Police, described the scheme as one where "one click seals the deal."
Investigators worked in real-time, tracking suspicious transactions and identifying over 20,000 wallet addresses linked to victims. More than 3,000 account holders received direct outreach from analysts stationed in Washington D.C., San Francisco, Canada, and England. A crucial step involved revoking unauthorized access scammers maintained, protecting wallets that had not yet been emptied.
Beyond the $12 million frozen for potential victim restitution, authorities flagged over $45 million in total suspected losses linked to these schemes, with another $33 million under active investigation. The operation built upon the success of Project Atlas, a 2024 Canadian-led effort that disrupted $70 million in fraud.
Private-sector collaboration was pivotal. Blockchain intelligence firm TRM Labs played a key role from planning through execution. Using its Chainabuse.com platform and advanced analytics, TRM specialists triaged thousands of addresses, mapped fund flows, and delivered intelligence packages that led to asset seizures—one package exposed a single network linked to over $15 million in losses. TRM Labs reported that in 2025, approximately $35 billion in cryptocurrency was directed toward fraud schemes, with stablecoins making up roughly 84% of verified inflows.
Brent Daniels, deputy assistant director of the Secret Service’s Office of Field Operations, stated the operation "prevented millions in fraud losses and disrupted millions more." NCA Deputy Director Miles Bonfield praised the public-private partnership as a prime example of effective international cooperation to protect victims and halt fraud.
