Operation Atlantic Nabs 20,000 Crypto Fraud Victims, $12M Frozen

An international law enforcement operation, spearheaded by the U.K.’s National Crime Agency (NCA), has brought to light over 20,000 victims of cryptocurrency fraud across Canada, the United Kingdom, and the United States. This joint action, dubbed “Operation Atlantic,” saw the NCA collaborating with heavy hitters like the U.S. Secret Service, the Ontario Provincial Police, and various private industry partners.

Cyber Threat Intelligence reported that the operation, which took place last month, focused on disrupting multiple fraud networks globally. The NCA’s London HQ served as a hub for real-time intelligence sharing, technical capabilities, and victim outreach. Investigators managed to freeze more than $12 million in suspected criminal proceeds, primarily linked to “approval phishing” attacks where scammers trick users into granting access to their crypto wallets, often via bogus investment schemes. An additional $45 million in stolen cryptocurrency from various fraud schemes worldwide was also identified.

This public-private partnership model, highlighted by Operation Atlantic, is slated to be a cornerstone of the U.K. government’s recently unveiled Fraud Strategy. This strategy aims to fuse industry data with law enforcement expertise to bolster fraud prevention efforts. NCA Deputy Director of Investigations, Miles Bonfield, emphasized the power of such collaborations, stating that this intensive action has safeguarded thousands of victims.