Operation Atlantic: 20,000 victims and $12m frozen in major crackdown on crypto fraud

Key points:

• Operation Atlantic, led by the UK’s National Crime Agency (NCA) with participation from the U.S. Secret Service, the Ontario Provincial Police, and the Ontario Securities Commission, targeted crypto fraud based on so-called approval phishing across three countries.
• More than $12 million in suspicious funds was frozen, and over $45 million in stolen cryptocurrency was identified globally.
• More than 20,000 victims were identified across the UK, Canada, and the United States.
• The operation involved blockchain analytics, transaction tracing, and real-time victim identification.

On April 9, the UK’s National Crime Agency (NCA) announced the results of Operation Atlantic — a week-long international effort targeting criminals stealing cryptocurrency through a method known as approval phishing.

The operation was conducted jointly by the NCA, the U.S. Secret Service, the Ontario Provincial Police, and the Ontario Securities Commission. Investigators, analysts, and private sector representatives gathered at the NCA headquarters in London to rapidly identify victims, trace stolen funds, and disrupt active scam networks.

Blockchain analytics tools and advanced investigative techniques were used throughout the operation. GetBlock AML Research explains how law enforcement agencies track blockchain transactions and identify real-world perpetrators.

What is approval phishing?

Approval phishing is a type of crypto fraud in which victims are tricked into signing a blockchain transaction that grants attackers access to their crypto wallets.

Unlike traditional phishing, where attackers steal login credentials, this method exploits a feature of smart contracts — the ability to grant permissions to manage funds.

Once a victim unknowingly approves such access, the attacker can withdraw all funds at any time. These schemes are often disguised as investment opportunities or romantic relationships. Victims may be groomed for weeks or months before being directed to a malicious site. Many only discover the theft long after granting access.

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How Operation Atlantic was conducted

Operation Atlantic followed an “operational sprint” model — an intensive, time-limited effort where government agencies and private partners collaborate in real time.

Over the course of a week, teams in London combined blockchain analysis, intelligence sharing, and direct engagement with victims to identify and disrupt active fraud schemes.

Results: frozen funds and identified victims

The results were significant:

• More than $12 million frozen
• Over $45 million in fraudulent transactions identified
• More than 20,000 victims identified across three countries

The operation also involved the City of London Police, the UK Financial Conduct Authority (FCA), and other international law enforcement bodies.

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How crypto transactions are traced and criminals identified

Preparation for the operation began in advance. Specialized investigative methods were developed, tailored to approval phishing schemes, allowing investigators to process incoming data quickly.

During the operation, analytics teams worked alongside investigators in London. They analyzed thousands of addresses, identified the most vulnerable victims, and tracked fund flows across exchanges and various protocols.

As a result, several data packages were prepared for asset seizure. One of them was linked to a scam network responsible for over $15 million in losses. This work contributed to the large-scale asset freezes announced by authorities.

The scale of crypto fraud and the rise of attacks

Operation Atlantic highlights the scale of the problem. In 2025, approximately $35 billion flowed through crypto fraud schemes. Stablecoins now account for about 84% of all inflows into such schemes — up from 70% the previous year — due to their convenience and widespread use.

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In addition, scammers are acting faster: stolen funds are often moved within 48 hours, significantly reducing the window for freezing assets. These trends make such operations critically important.

How the fight against crypto fraud is evolving

Operation Atlantic reflects broader changes in combating crypto crime. What was once cooperation between the public and private sectors has evolved into active joint enforcement — delivering real results such as asset freezes, victim notifications, and disruption of criminal networks.

The Financial Action Task Force (FATF) has previously noted that real-time data sharing between law enforcement, exchanges, and stablecoin issuers significantly improves the detection and blocking of illicit funds. Such mechanisms have already helped freeze over $330 million.

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Operations like Atlantic demonstrate that when investigators, analysts, and industry players work together using shared data, the impact becomes tangible.

What comes next after Operation Atlantic

The NCA and its partners are now analyzing the collected data to assist victims and continue investigations. This case shows that the most effective way to combat crypto fraud is sustained international cooperation between government agencies and the private sector.