The United States Secret Service, the United Kingdom’s National Crime Agency (NCA), and the Ontario Provincial Police along with the Ontario Securities Commission have initiated Operation Atlantic.
This coordinated effort by law enforcement agencies from the US, UK, and Canada targets cryptocurrency fraud, disrupts organized scam networks, and enhances public awareness about fraudulent crypto investment schemes.
Operation Atlantic is jointly hosted by the US Secret Service, NCA, OPP, and OSC. Contributing entities include the Royal Canadian Mounted Police, City of London Police, the US Attorney’s Office for the District of Columbia, and UK’s Financial Conduct Authority. Private sector partners are also involved.
Focused on Approval Phishing
This operation centers on ‘approval phishing,’ a prevalent tactic in cryptocurrency investment fraud known as ‘pig butchering.’ In this scam, victims are deceived into disclosing their wallet access by responding to what seems like a legitimate request from a trusted application or service. Once access is granted, criminals gain full control over the wallet and can transfer funds without restraint. Due to the irreversibility of blockchain transactions, recovery of stolen assets is often unfeasible.
In light of this, Operation Atlantic seeks to identify victims in near real-time, secure their assets, recover any feasible stolen funds, and disrupt the criminal networks behind these schemes. A senior official from the UK’s NCA highlighted that such scams are becoming more sophisticated, underscoring the need for coordinated cross-border responses.
Building on Project Atlas, a 2024 initiative led by the OPP with involvement from the US Secret Service targeting international cryptocurrency investment fraud networks, Operation Atlantic expands this model by including additional international partners and adopting a real-time disruption strategy.
The OSC, acting as one of the co-hosts, oversees investor protection, capital market integrity, and reduction of systemic risk, all of which are critical in addressing the financial damage caused by cryptocurrency scams.
The involvement of securities regulators alongside criminal law enforcement agencies underscores the recognition that crypto fraud operates at the intersection of financial crime and capital markets regulation. Approval phishing often targets retail investors, exploiting both their relative unfamiliarity with digital asset management and its complexities.
Individuals who suspect they may be victims can seek assistance from the US Secret Service, NCA, OPP, or OSC through their official websites.
