An international law enforcement operation has identified more than 20,000 victims of cryptocurrency fraud across the United Kingdom, the United States, and Canada, according to statements from authorities.
The operation, known as Operation Atlantic, was led by the National Crime Agency and involved multiple partners, including the U.S. Secret Service, the Ontario Provincial Police, and the Ontario Securities Commission. The coordinated action took place over a week and focused on cryptocurrency investment fraud schemes.
Authorities said the investigation targeted a method known as “approval phishing,” in which individuals are deceived into granting access to their cryptocurrency wallets. This typically occurs through fraudulent investment platforms that prompt users to approve transactions, allowing attackers to take control of funds.
During the operation, investigators froze more than $12 million in suspected criminal proceeds linked to these schemes. They also identified over $45 million in cryptocurrency connected to fraud activity worldwide.
The National Crime Agency stated that the operation included real-time intelligence sharing and cooperation between public and private sector participants. Law enforcement agencies and industry partners worked together to trace transactions, identify affected individuals, and intervene in ongoing fraud cases.
Officials said that some victims were contacted directly during the operation to prevent further losses. Separate reporting indicated that thousands of individuals were reached and that funds were returned in certain cases where intervention occurred before assets were fully transferred.
The agency said the model used in Operation Atlantic, which combines law enforcement activity with industry data and technical support, is expected to be used in future fraud investigations. The effort forms part of broader initiatives aimed at addressing cryptocurrency-related scams through coordinated action.
Authorities also stated that the investigation will continue as the intelligence gathered during the operation is analysed. This includes efforts to identify additional victims and support potential enforcement actions against those responsible.
Separate figures cited by law enforcement show that cryptocurrency fraud remains a significant category of cybercrime. Data referenced in the reporting indicates that thousands of victims have been identified in related investigations since 2024, with many individuals unaware they were being targeted at the time of the fraud.