Key Highlights
- NCA-led Operation Atlantic helped freeze over $12 million in crypto scams, identifying 20,000 victims across multiple countries.
- Around $45 million in global crypto fraud was uncovered, underscoring the scale of approval phishing scams.
- The operation was carried out in collaboration with agencies like the U.S. Secret Service.
The UK’s National Crime Agency (NCA), along with international partners, today announced freezing over $12 million and identified more than 20,000 victims in a major anti-crypto fraud operation.
According to an official release, the initiative, known as Operation Atlantic, took place in March 2026 across the UK, United States, and Canada, and targeted “approval phishing” scams that trick victims into giving access to their cryptocurrency wallets.
Details of the operation
The week-long operation was co-hosted by the NCA in joint efforts with the U.S. Secret Service, Ontario Provincial Police, and Ontario Securities Commission. Authorities collaborated in real time, sharing intelligence and deploying technical tools to track illegal cryptocurrency flows.
The operation mainly focused on “approval phishing,” an increasing scam method where fraudsters deceive victims into authorizing access to their digital wallets, mostly under the guise of legitimate investment opportunities.
Investigators revealed over 20,000 victims across various countries, many of whom had either already lost funds or were at risk of being defrauded. One victim in the UK reported a loss of over £52,000 to such a scheme. Authorities have frozen $12 million, while over $45 million in stolen cryptocurrency associated with global fraud networks has been identified.
Private-public collaboration
Operation Atlantic was supported by collaboration between law enforcement and private sector organizations. Blockchain analytics companies and financial institutions helped in tracing suspicious transactions and flagging victims in real time. It helped authorities to intervene before funds were completely transferred.
Additional backing was provided by agencies like the City of London Police and the Financial Conduct Authority, reinforcing a coordinated global response. The operation further aligns with the UK government’s recently announced Fraud Strategy, emphasizing early intervention and amplified cooperation between industry and law enforcement.
Miles Bonfield, Deputy Director of Investigations at the NCA, described the operation as a “powerful example” of international cooperation, adding that fraudsters operate globally and so must enforcement efforts.
Crypto scams continue to rise. The United States recently reported a new peak in crypto-related fraud in 2025, with total losses reaching $11.36 billion, according to the Federal Bureau of Investigation.
What it means
Operation Atlantic marks a step in fighting cryptocurrency fraud, indicating the effectiveness of cross-border collaboration and real-time intelligence sharing. Investigations are still going on despite millions being secured and thousands of victims being identified.
The NCA and its collaborators will carry out an analysis of intelligence to support victims and follow criminal networks, indicating a sustained global effort to curb the growing threat of digital financial scams.
Also Read: US Treasury Opens Cyber Threat Intelligence to Crypto Firms
