Canada, U.S., UK Recover $12 Million in Crypto Scam via Operation Atlantic
In a significant crackdown on cryptocurrency scams, enforcement agencies from Canada, the U.S., and the UK have successfully frozen over $12 million in fraudulent funds. This operation, titled Operation Atlantic, spanned one week and aimed to combat the rising tide of cryptocurrency investment scams.
Details of Operation Atlantic
The joint effort was spearheaded by several agencies, including:
- U.S. Secret Service
- Britain’s National Crime Agency (NCA)
- Ontario Provincial Police
- Ontario Securities Commission
These organizations focused on “approval phishing” scams, where victims unwittingly allow scammers access to their cryptocurrency wallets. Once access is granted, criminals transfer funds swiftly, making recovery extremely challenging due to the irreversible nature of crypto transactions.
Scope of Fraud
Fraudulent activities have surged in recent years, with victims reporting losses exceeding $704 million to the Canadian Anti-Fraud Centre in 2025. This marked an increase from $645 million in 2024. Importantly, the centre estimates that only 5% to 10% of fraud cases are actually reported.
International Collaboration and Impact
Operation Atlantic also included participation from:
- Royal Canadian Mounted Police (RCMP)
- City of London Police
- U.S. Attorney’s Office for the District of Columbia
- UK’s Financial Conduct Authority
Additionally, private sector partners, including cryptocurrency exchanges, played a crucial role in the operation. Deputy Director Miles Bonfield of the NCA described the initiative as a strong example of successful international cooperation between law enforcement and the private sector.
Preventing Future Fraud
During the operation, investigators identified over 20,000 cryptocurrency wallets linked to victims across 30 countries and disrupted more than 120 fraudulent web domains. Brent Daniels from the U.S. Secret Service emphasized the importance of global collaboration in combating cryptocurrency fraud, noting that the initiative helped prevent millions in losses.
Continued Commitment to Combat Fraud
This effort follows a previous operation in 2024, named Project Atlas, which successfully prevented over $70 million in fraud losses. The Canadian federal government is currently consulting on a national anti-fraud strategy that aims to address issues surrounding liability for fraud losses.
Bonnie Lysyk from the Ontario Securities Commission confirmed that efforts against cryptocurrency fraud will persist beyond this initial operation. “We will continue pursuing offenders, enhancing cross-border collaboration, and employing advanced techniques to disrupt crypto-enabled fraud,” she stated.
