Operation Atlantic: International Law Enforcement Targets Crypto Fraud

A coordinated effort between the United States, the United Kingdom and Canada, dubbed Operation Atlantic, is underway to disrupt cryptocurrency fraud schemes, particularly those leveraging “approval phishing” tactics. The initiative, launched on March 16, 2026, aims to identify victims, secure assets, recover stolen funds, and raise public awareness about the growing threat of crypto investment scams.

What is Approval Phishing?

Approval phishing is a scam designed to trick individuals into unknowingly granting full access to their cryptocurrency wallets. Scammers employ fake notifications or alerts mimicking trusted apps or services, prompting users to “approve” access. Once granted, criminals can transfer funds from the victim’s wallet, and these transactions are often irreversible due to the nature of blockchain technology. This tactic is frequently linked to more complex investment scams, sometimes referred to as “pig butchering,” where victims are lured into investing increasing amounts of money.

Key Players in Operation Atlantic

The operation is co-hosted by the U.S. Secret Service, the UK’s National Crime Agency, the Ontario Provincial Police, and the Ontario Securities Commission. Additional agencies participating include the Royal Canadian Mounted Police, the City of London Police, the U.S. Attorney’s Office for the District of Columbia, and the UK’s Financial Conduct Authority.

Combating a Growing Problem

“Approval phishing and investment scams cost victims millions in financial loss each year,” stated Brent Daniels, the Deputy Assistant Director for the U.S. Secret Service’s Office of Field Operations. “During Operation Atlantic, the U.S. Secret Service, alongside our international law enforcement partners, will identify and disrupt these scams in near real-time denying criminals the ability to further profit from their crimes.”

Bonnie Lysyk, Executive Vice President, Enforcement at the Ontario Securities Commission, emphasized the importance of cross-border collaboration, stating, “Operation Atlantic is a strong example of the OSC’s commitment to working across borders to tackle the growing risks posed by scams. Through our partnerships with the OPP, UK National Crime Agency, and U.S. Secret Service we are using innovative techniques, advanced tools, and extensive expertise to disrupt bad actors and protect investors from the harm they seek to cause.”

Building on Previous Successes

Operation Atlantic builds upon previous international efforts to combat crypto fraud. Project Atlas, led by the Ontario Provincial Police’s Cyber-Enabled Fraud Team in 2024, identified over 2,000 compromised wallets across 14 countries, disrupted approximately $70 million in potential fraud, and froze around $24 million in stolen cryptocurrency. Chainalysis’ Operation Spincaster also generated over 7,000 investigative leads linked to roughly $162 million in losses.

The Scale of Crypto Fraud

Cryptocurrency scams generated at least $14 billion in onchain revenue in 2025, according to Chainalysis, with projections indicating a rise to $17 billion as more illicit wallets are identified. This highlights the increasing sophistication of these schemes, which now frequently utilize social engineering tactics, AI-generated content, and phishing-as-a-service platforms.

How to Protect Yourself

• Verify Sources: Only approve requests that originate directly from trusted, official apps or websites.
• Enable MFA: Implement multi-factor authentication for enhanced security.
• Set Alerts: Activate notifications for unusual account activity.
• Contact Support: When in doubt, reach out to official support channels before approving any requests.