NCA-Led Operation Atlantic Freezes $12M, Identifies 20,000 Victims in Cryptocurrency Fraud
Operation Atlantic was a joint international law enforcement operation led by the UK's National Crime Agency (NCA) that targeted cryptocurrency and investment scammers exploiting approval phishing techniques. Approval phishing involves deceiving victims into granting criminals access to their cryptocurrency wallets, often resulting in significant financial losses. The operation identified over 20,000 victims across the UK, Canada, and the United States. Among these victims, one from the UK reportedly lost more than £52,000. During the coordinated effort, authorities secured and froze more than $12 million in suspected criminal proceeds related to these frauds. Globally, over $45 million in cryptocurrency fraud has been identified in related schemes. Key partners in this operation included the US Secret Service, Ontario Provincial Police, Ontario Securities Commission, City of London Police, and the UK's Financial Conduct Authority. The NCA hosted participating agencies at its London headquarters, facilitating real-time intelligence sharing, technical cooperation, and direct victim engagement. The collaboration extended beyond law enforcement; private sector organisations significantly contributed by tracing illicit cryptocurrency transactions and identifying victims in real time. This enabled authorities to preserve victims’ funds before criminals could move them. The close partnership model aligns with the UK government's recently announced Fraud Strategy, enhancing early intervention capabilities through shared data and expertise. Following the operation, the NCA and partners continue to analyze the collected intelligence to support victims further and investigate ongoing criminal activity. The operation demonstrates extensive multinational cooperation against complex cryptocurrency fraud networks. Victims of fraud are advised to report incidents through official channels including Report Fraud and Stop Think Fraud websites and helplines.
