Operation Atlantic: US, UK, and Canada Unite to Thwart $45M Crypto Fraud, Freeze $12M in Stolen Assets

By Perplexity News Staff | Published April 9, 2026

Washington, DC – In a groundbreaking international crackdown, law enforcement agencies from the United States, United Kingdom, and Canada have launched Operation Atlantic, disrupting over $45 million in cryptocurrency fraud and freezing $12 million in stolen funds.[1][3]

The operation targets sophisticated **approval-phishing scams**, a prevalent tactic in crypto investment fraud where scammers trick victims into granting malicious permissions to their digital wallets via fake alerts or pop-ups mimicking trusted apps.[3] This real-time intervention marks a proactive shift in combating irreversible crypto thefts, focusing on identifying victims and dismantling scam infrastructure before funds vanish.[1][2]

Key Agencies Collaborate Across Borders

Leading the US effort is the **United States Secret Service**, partnering with the UK’s **National Crime Agency (NCA)**, Canada’s **Ontario Provincial Police (OPP)**, and the **Ontario Securities Commission (OSC)**.[1][3] US Secret Service spokesperson emphasized the operation’s innovative approach: “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.”[3]

This multinational initiative builds directly on the success of **Project Atlas**, a 2024 OPP-led effort that identified over 2,000 compromised wallets across 14 countries, disrupted approximately $70 million in potential fraud, and froze about $24 million in stolen cryptocurrency.[3] Operation Atlantic expands this model with enhanced real-time capabilities, revolutionizing cross-border crypto crime regulation.[1]

How Approval-Phishing Scams Operate

Approval-phishing exploits users’ trust in legitimate-looking notifications. Victims are prompted to “approve” wallet transactions that actually grant scammers unlimited access to drain funds.[3] These schemes often tie into broader crypto investment frauds, luring people with promises of high returns before siphoning assets to untraceable wallets.

Operation Atlantic’s strategy emphasizes speed: Agencies monitor transactions in real-time, alert potential victims, and coordinate asset freezes internationally.[1][2] The $45 million disrupted and $12 million frozen represent tangible wins, preventing further victimization in a sector plagued by billions in annual losses.

Broader Impact on Crypto Security

The launch underscores growing global recognition of cryptocurrency’s vulnerability to fraud. In 2025 alone, crypto scams reportedly cost users over $4 billion worldwide, with phishing remaining the top vector.[1] By focusing on prevention rather than post-theft recovery – where blockchain’s pseudonymity often hinders restitution – Operation Atlantic sets a new standard.

“This initiative focuses on real-time intervention, identifying victims, and disrupting scam infrastructure before funds are stolen.” – Operation Atlantic Overview[1]

Industry watchers hail the effort as a “significant shift towards proactive and cross-border coordination.” Platforms like Binance have echoed support, noting its potential to target ongoing scams through international collaboration.[4]

Challenges and Future Outlook

Despite successes, experts caution that crypto fraud evolves rapidly. Scammers frequently adapt tactics, migrating to decentralized platforms or emerging blockchains. Operation Atlantic’s real-time model addresses this agility, but sustained funding and intelligence-sharing are crucial.

The OSC highlighted the operation’s role in protecting retail investors, many of whom enter crypto via unregulated exchanges. “Law enforcement agencies from the U.S., U.K., and Canada started a joint initiative called Operation Atlantic aimed at disrupting cryptocurrency fraud schemes,” the commission stated.[3]

Operation Atlantic and Project Atlas: Key Metrics

Initiative	Fraud Disrupted	Funds Frozen	Wallets Identified
Operation Atlantic (2026)	>$45M	$12M	Ongoing
Project Atlas (2024)	$70M	$24M	2,000+

Advice for Crypto Users

• Verify all wallet approval requests; revoke unnecessary permissions regularly.
• Use hardware wallets and enable multi-factor authentication.
• Report suspicious activity to agencies like the Secret Service or OSC immediately.
• Beware of unsolicited investment alerts or pop-ups.

As Operation Atlantic rolls out, it signals a united front against digital-age predators. With crypto adoption surging, such collaborations could safeguard trillions in assets. Law enforcement vows to expand efforts, promising more disruptions ahead.

This article synthesizes official announcements and expert analyses. For official updates, visit agency websites.