Operation Atlantic Targets Global Cryptocurrency Fraud Networks
A sweeping international law enforcement initiative spearheaded by the United Kingdom's National Crime Agency (NCA) has identified more than 20,000 victims of cryptocurrency fraud spread across Canada, the United Kingdom, and the United States. Dubbed "Operation Atlantic," the weeklong joint action took place last month and brought together an array of agencies and private-sector partners to disrupt fraud networks operating on a global scale.
Participating organizations included the U.S. Secret Service, the Ontario Provincial Police, the Ontario Securities Commission, as well as multiple private industry collaborators. Additional bodies such as the City of London Police and the Financial Conduct Authority also contributed to the effort.
How the Investigation Unfolded
Investigators convened at the NCA's London headquarters, where real-time intelligence sharing, technical capabilities, and victim outreach were coordinated simultaneously. According to the NCA, this approach enabled multiple fraud networks to be disrupted across the world within the span of a single week.
The operation yielded two significant financial findings:
- More than $12 million in suspected criminal proceeds was frozen by authorities.
- More than $45 million in stolen cryptocurrency was identified as connected to fraud schemes worldwide.
A central tactic employed by the fraudsters was "approval phishing," a method in which criminals deceive victims into granting them access to their cryptocurrency wallets. This technique is commonly deployed through elaborate investment scams designed to build trust before exploiting victims financially.
Statements from NCA Leadership
"Operation Atlantic is a powerful example of what is possible when international agencies and private industry work side by side. This intensive action has led to the safeguarding of thousands of victims in the UK and overseas, stopped criminals in their tracks and helped save others from losing their funds."
That statement came from Miles Bonfield, NCA Deputy Director of Investigations, underscoring the significance of the public-private partnership model adopted throughout the operation.
The NCA further noted that it will continue analyzing intelligence gathered during Operation Atlantic alongside its law enforcement and private-sector partners in order to support additional victims and pursue further potential criminal activity.
Shaping the UK's Broader Fraud Strategy
Officials indicated that the collaborative framework demonstrated by Operation Atlantic is set to become a core pillar of the UK government's recently announced Fraud Strategy. That strategy is designed to bridge industry data with law enforcement expertise, creating a proactive mechanism for fraud prevention rather than merely reactive investigation.
By embedding the public-private partnership model at the heart of national policy, authorities hope to sustain the kind of coordinated intelligence sharing and rapid response that made Operation Atlantic effective.
FBI's Parallel Efforts: Operation Level Up
Operation Atlantic is not the only major law enforcement undertaking targeting cryptocurrency fraud. Since January 2024, the FBI — with support from the U.S. Secret Service — has identified more than 8,000 victims of cryptocurrency investment fraud, also widely known as pig butchering, through a separate initiative called Operation Level Up.
The FBI reported that approximately 77% of those victims had no idea they were being scammed at the time they were targeted. Estimated financial savings to victims as a result of Operation Level Up amount to $511,511,288.
FBI's 2025 Internet Crime Report Paints a Stark Picture
The scale of cryptocurrency investment fraud becomes even more alarming when viewed against the FBI's broader cybercrime statistics. In its 2025 Internet Crime Report, the FBI disclosed that it received 61,559 complaints of cryptocurrency investment fraud in the prior year, with those complaints linked to $7.228 billion in losses.
Those figures represent a dramatic 48% increase in complaints and a 25% increase in losses compared to 2024, signaling that cryptocurrency fraud continues to expand in both volume and financial impact despite growing law enforcement pressure.
A Model for Future International Cooperation
The outcomes of Operation Atlantic demonstrate how tightly coordinated cross-border cooperation — combining real-time intelligence, technical tools, and active victim outreach — can yield tangible results against sophisticated fraud networks. With tens of thousands of victims already identified and hundreds of millions of dollars in stolen or frozen funds accounted for, the operation sets a meaningful precedent for how governments and private industry can collaborate to confront the escalating threat of cryptocurrency fraud.
Authorities have made clear that the work is far from over, with ongoing analysis expected to surface additional victims and lead to further criminal investigations in multiple jurisdictions.
Source: BleepingComputer