A collaborative effort involving the UK’s National Crime Agency (NCA), US Secret Service, Ontario Provincial Police, and Ontario Securities Commission is disrupting crypto schemes on a global scale.
TRM Labs, a blockchain intelligence platform, played a key role in the crackdown, freezing over $12 million in suspected illicit proceeds through “Operation Atlantic.”
The initiative uncovered more than $45 million in fraud schemes worldwide, affecting over 20,000 victims in the UK, Canada, and the US.
Using blockchain analytics, intelligence sharing, and victim outreach, Operation Atlantic targeted approval phishing scams, a form of cryptocurrency fraud where scammers manipulate victims into authorizing transactions that give them control over their wallet.
Unlike traditional phishing, approval phishing involves tricking victims into granting access to their funds. Fraudsters employ tactics like pig butchering and investment scams, building trust with victims before directing them to malicious sites.
NCA Deputy Director of Investigations Miles Bonfield stated,
“Operation Atlantic demonstrates the impactful outcomes achievable through collaboration between international agencies and private sector entities. This coordinated effort has protected thousands of victims worldwide, halted criminal activities, and prevented further financial losses.”
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