Key Highlights
- Authorities from the United States, United Kingdom, and Canada launched Operation Atlantic to find victims of crypto approval-phishing scams.
- Approval-phishing tricks users into approving fake wallet permissions through pop-ups or alerts that look like they come from trusted apps.
- Data from Chainalysis shows that crypto scams generated at least $14 billion in 2025.
A new international effort has been launched to fight a rising wave of cryptocurrency scams linked to approval-phishing attacks.
This joint initiative, called Operation Atlantic, is being carried out this week by several agencies from the United States, the United Kingdom, and Canada. They aim to work together to identify victims who may have lost digital assets or are at risk of losing them to fraudulent schemes.
According to the official release, the operation will focus on breaking up fraud groups, warn the public about risky crypto investment offers, and help people protect their digital wallets before more money is stolen.
A global effort to stop crypto fraud
The operation is co-hosted by the U.S. Secret Service, the National Crime Agency in the U.K., the Ontario Provincial Police, and the Ontario Securities Commission.
Other agencies involved include the Royal Canadian Mounted Police, the City of London Police, the Financial Conduct Authority, and the United States Attorney’s Office for the District of Columbia.
How phishing scams work
Approval-phishing is a trick used by scammers to get control of a victim’s cryptocurrency wallet. The victim usually receives a message, alert, or pop-up that looks like it comes from a trusted crypto app or service.
The message asks the user to approve a request. When the victim clicks approve, they unknowingly give the attacker full access to their wallet. After this happens, the scammer can quickly move the funds to other wallets. Because blockchain transactions cannot be reversed, it becomes very difficult to recover the stolen crypto once it leaves the account.
Authorities say criminals are also using advanced tools such as social engineering, artificial-intelligence-generated content, and phishing-as-a-service platforms to make the scams more convincing.
“Approval phishing and investment scams cost victims millions in financial loss each year,” said Brent Daniels, Deputy Assistant Director for the Office of Field Operations at the U.S. Secret Service. “During Operation Atlantic, the 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.”
How to protect yourself
To help safeguard your crypto assets, consider the following advice:
- Act quickly: Timing is critical in cryptoasset-related thefts.
- Be wary of unsolicited investment approaches: Fraudsters often pose as legitimate advisers, companies, friends, or romantic interests.
- Check URLs before approving transactions: Approval phishing relies on users granting scammers wallet access. Always double‑check the site and transaction details.
- Use multi‑factor authentication on exchange accounts.
- Monitor wallet approvals: Tools such as www.Revoke.cash and www.Etherscan.io allow you to review and revoke unnecessary permissions.
- Stay informed: Follow updates from financial regulators, police forces, and cybersecurity specialists.
Earlier investigations show large-scale numbers of scams
The operation builds on earlier global investigations into crypto fraud. One earlier effort, Project Atlas, which was launched in 2024 by the Ontario Provincial Police’s Cyber-Enabled Fraud Team, identified more than 2,000 wallet addresses linked to fraud victims across 14 countries. It disrupted about $70 million in possible fraud activity and froze roughly $24 million in stolen digital assets.
Another investigation, Operation Spincaster, produced more than 7,000 investigative leads connected to around $162 million in losses tied to approval-phishing scams.
Meanwhile, data from blockchain analysis firm Chainalysis shows that crypto scams generated at least $14 billion in on-chain revenue in 2025, with the number expected to reach about $17 billion as more illegal wallets are discovered. The joint initiative aims to reduce this number and keep crypto users safe.
Also Read: India’s Rising Crypto Scams: Hyderabad Seniors Duped of ₹4.4 Crore
