International law enforcement agencies, led by the UK's NCA, have identified over 20,000 cryptocurrency fraud victims across three countries and frozen $12 million in criminal proceeds through Operation Atlantic.
An international law enforcement operation has uncovered more than 20,000 victims of cryptocurrency fraud across Canada, the United Kingdom, and the United States, marking one of the largest coordinated crackdowns on crypto-related financial crimes to date.
The operation, dubbed "Operation Atlantic," was spearheaded by the UK's National Crime Agency (NCA) and involved collaboration between multiple agencies including the U.S. Secret Service, Ontario Provincial Police, Ontario Securities Commission, and various private industry partners. The joint action took place last month, bringing together law enforcement agencies at the NCA's London headquarters for a weeklong intensive investigation.
"Approval Phishing" and Investment Scams Target Thousands
The investigation revealed that many victims fell prey to "approval phishing" attacks, where scammers trick cryptocurrency holders into granting access to their digital wallets. These schemes typically operate through investment scams that promise high returns but instead drain victims' funds.
Investigators successfully froze more than $12 million in suspected criminal proceeds and identified over $45 million in stolen cryptocurrency connected to fraud schemes worldwide. The scale of the operation demonstrates the growing sophistication and reach of cryptocurrency-based financial crimes.
Public-Private Partnership Model Proves Effective
"Operation Atlantic is a powerful example of what is possible when international agencies and private industry work side by side," said Miles Bonfield, NCA Deputy Director of Investigations. "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."
The operation utilized a public-private partnership model that the UK government has identified as a core element of its recently announced Fraud Strategy. This approach connects industry data with law enforcement expertise to enable more effective fraud prevention and victim identification.
FBI's Parallel Efforts Against "Pig Butchering" Scams
The FBI has been conducting similar operations targeting cryptocurrency investment fraud, known as "pig butchering" scams. Since January 2024, the agency has identified more than 8,000 victims with support from the U.S. Secret Service as part of Operation Level Up.
Remarkably, approximately 77% of these victims were unaware they were being scammed at the time of identification. The FBI estimates that these efforts have saved victims approximately $511,511,288.
Cryptocurrency Fraud on the Rise
The scale of cryptocurrency fraud continues to grow exponentially. In its 2025 Internet Crime Report, the FBI documented 61,559 complaints of cryptocurrency investment fraud last year, resulting in losses totaling $7.228 billion. This represents a massive 48% increase in complaints and a 25% increase in losses compared to 2024.
Ongoing Investigation and Future Actions
The NCA has stated that it will continue to analyze intelligence gathered during Operation Atlantic in collaboration with law enforcement and private-sector partners. This ongoing analysis aims to support additional victims and pursue potential criminal activity that may have been uncovered during the initial investigation.
The success of Operation Atlantic demonstrates the importance of international cooperation in combating cryptocurrency fraud, which often transcends national borders and involves complex technical schemes that require specialized expertise to investigate and disrupt.
For cryptocurrency users, these findings serve as a stark reminder to exercise extreme caution when dealing with investment opportunities and to verify the legitimacy of any platform or individual requesting access to digital wallets. The human cost of these scams extends beyond financial losses, often causing significant emotional distress and loss of trust in legitimate cryptocurrency markets.
As cryptocurrency adoption continues to grow, law enforcement agencies worldwide are likely to increase their focus on developing specialized capabilities to combat these evolving financial crimes, making international cooperation and public-private partnerships essential tools in protecting consumers from sophisticated fraud schemes.
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