A major international law enforcement operation led by the UK’s National Crime Agency has uncovered more than 20,000 victims of cryptocurrency fraud spread across Canada, the United Kingdom, and the United States.
The coordinated effort, known as Operation Atlantic, took place last month and brought together agencies including the US Secret Service, Ontario Provincial Police, Ontario Securities Commission, and several private sector partners.
Authorities described the operation as a highly collaborative effort, with teams working out of the NCA’s London headquarters and sharing intelligence in real time. This coordination, combined with advanced technical capabilities and direct outreach to victims, helped disrupt multiple fraud networks operating across borders. Other organizations, including the City of London Police and the Financial Conduct Authority, also took part in the weeklong crackdown.
Investigators managed to freeze more than $12 million believed to be linked to criminal activity, much of it tied to “approval phishing” attacks. In these scams, victims are manipulated into granting access to their cryptocurrency wallets, often through fake investment opportunities. Beyond the frozen assets, officials also traced over $45 million in stolen cryptocurrency connected to fraud schemes worldwide.
The operation highlights a growing shift toward closer collaboration between governments and private companies. Officials say this model will play a central role in the UK’s newly announced Fraud Strategy, which aims to combine industry data with law enforcement expertise to prevent financial crimes before they escalate.
Miles Bonfield, Deputy Director of Investigations at the NCA, emphasized the impact of this joint approach, noting that thousands of victims were protected both in the UK and internationally. He pointed out that the operation not only disrupted active criminal networks but also prevented further financial losses by stopping scams in progress.
The NCA confirmed that work is ongoing, with authorities continuing to analyze intelligence gathered during Operation Atlantic to identify more victims and pursue additional suspects involved in these schemes.
Meanwhile, similar efforts are underway in the United States. Since January 2024, the FBI, working alongside the US Secret Service, has identified more than 8,000 victims of cryptocurrency investment fraud through Operation Level Up. Often referred to as “pig butchering,” these scams typically involve long-term manipulation before victims are persuaded to invest large sums. The FBI reported that around 77% of those affected did not realize they were being scammed, with estimated savings to victims exceeding $511 million.
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The scale of the problem continues to grow. According to the FBI’s 2025 Internet Crime Report, there were 61,559 complaints related to cryptocurrency investment fraud last year alone, resulting in losses of $7.228 billion. This marks a sharp rise, with complaints increasing by 48% and total losses climbing by 25% compared to the previous year.
