Operation Atlantic identifies over 20,000 crypto fraud victims

At a glance:

• More than 20,000 victims of cryptocurrency fraud were identified across Canada, the UK and the US.
• Law enforcement froze over $12 million in suspected proceeds from approval‑phishing attacks.
• Investigators also traced more than $45 million in stolen cryptocurrency linked to global fraud schemes.

International operation disrupts fraud networks

The U.K.’s National Crime Agency (NCA) coordinated a week‑long joint enforcement effort last month, branded “Operation Atlantic.” Partners included the U.S. Secret Service, Ontario Provincial Police, Ontario Securities Commission, City of London Police, the Financial Conduct Authority and a host of private‑sector collaborators. Real‑time intelligence sharing, technical capabilities and direct victim outreach allowed investigators to dismantle multiple fraud networks operating across North America and Europe.

Scale of the financial impact

During the operation, authorities froze more than $12 million in suspected criminal proceeds that stemmed from “approval phishing” attacks – a method where scammers trick victims into granting wallet access, often under the guise of investment opportunities. In addition, they identified over $45 million in stolen cryptocurrency tied to fraud schemes worldwide. These figures complement earlier FBI data that, since January 2024, has recorded over 8,000 victims of crypto investment scams under Operation Level Up, with an estimated $511.5 million saved for those victims.

Public‑private partnership as a policy model

The NCA highlighted that the public‑private partnership framework used in Operation Atlantic will become a cornerstone of the U.K. government’s newly announced Fraud Strategy. By linking industry‑derived data with law‑enforcement expertise, the model aims to improve early detection, streamline victim outreach and accelerate the freezing of illicit assets. Deputy Director of Investigations Miles Bonfield called the effort “a powerful example of what is possible when international agencies and private industry work side by side.”

Ongoing analysis and future actions

The NCA affirmed that intelligence gathered during the crackdown will continue to be analysed alongside partner agencies and private‑sector experts. The goal is to support additional victims, pursue lingering criminal activity and refine cross‑border cooperation mechanisms. The agency’s statement underscored a commitment to “safeguarding thousands of victims in the UK and overseas, stopped criminals in their tracks and helped save others from losing their funds.”

Broader trends in crypto crime

The FBI’s 2025 Internet Crime Report showed a 48 % jump in cryptocurrency investment‑fraud complaints year over year, with 61,559 complaints linked to $7.228 billion in losses. The report also noted a 25 % rise in total losses compared with 2024, signalling that crypto‑related scams remain a rapidly expanding threat vector despite intensified enforcement actions.

What to watch next

Stakeholders should monitor how the UK’s Fraud Strategy integrates the public‑private partnership model into everyday investigations. Equally important will be the rollout of cross‑jurisdictional data‑sharing protocols that could enable faster freezing of illicit crypto assets. As law‑enforcement agencies refine their technical toolkits, victims and investors are advised to stay vigilant against approval‑phishing tactics and to verify the legitimacy of any wallet‑access request before proceeding.