An international law enforcement initiative, known as Operation Atlantic and spearheaded by the UK’s National Crime Agency (NCA), has successfully frozen $12 million—equivalent to about Rs. 111 crore—in assets associated with phishing frauds. The operation involves cooperation from the US Secret Service, the Ontario Provincial Police, and the Ontario Securities Commission. Authorities have pinpointed more than 20,000 victims in the UK, US, and Canada, and uncovered over $45 million in cryptocurrency thefts linked to these schemes, which are classified as approval phishing attacks.
These scams deceive individuals into approving harmful permissions that grant fraudsters access to their digital wallets, enabling unauthorized drainage of funds. Perpetrators mislead victims into authorizing transactions that transfer control of their cryptocurrency holdings. Once approved via a prompt, these actions are permanent and cannot be reversed.
NCA Deputy Director of Investigations Miles Bonfield praised the partnership, stating that Operation Atlantic demonstrates the effectiveness of joint efforts between global agencies and private sector entities. The operation received support from cryptocurrency platform Binance, which clarified that it did not freeze any funds but assisted through on-site investigations at the NCA’s London base. Binance’s team offered real-time account monitoring, intelligence on scams, details about suspects, and analysis of fraudulent websites.
Flavio Tonon, Binance’s senior regional advisor for Europe, the Middle East, and Africa, described approval phishing as one of the most harmful frauds affecting cryptocurrency holders currently.
Launched last month, Operation Atlantic focuses on dismantling organized crime networks engaged in investment fraud, phishing operations, and other digital asset crimes. It includes intelligence sharing, enforcement measures, and educational campaigns to raise public awareness. This initiative underscores the increasing global collaboration to combat financial crimes involving cryptocurrencies across borders.
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