A joint operation by the US Secret Service, UK NCA, and Canadian police froze $12 million and identified 20,000 victims of approval phishing scams.
Law enforcement agencies from the US, UK, and Canada teamed up with Coinbase, Binance, Kraken, and Chainalysis in a week-long sprint dubbed "Operation Atlantic," freezing over $12 million in stolen crypto and tracing $45 million in fraud tied to approval phishing schemes.
Operation Atlantic, conducted from the UK National Crime Agency's London headquarters in March 2026, brought together the US Secret Service, Ontario Provincial Police, and the Ontario Securities Commission alongside blockchain intelligence firms and major exchanges.
The initiative targeted approval phishing, a scam where attackers trick victims into signing malicious on-chain transaction approvals that grant full wallet access. Once approved, criminals drain wallets and funnel stolen assets through laundering channels. Over the week-long operation, investigators traced more than $45 million in cryptocurrency fraud, froze $12 million in suspected criminal proceeds, identified over 20,000 victims worldwide, and flagged more than 120 web domains used for fraudulent schemes.
Approval phishing has become one of the most damaging attack vectors in crypto. Unlike traditional phishing that steals login credentials, approval phishing exploits the permission model of smart contracts, making it harder for victims to recognize they have been compromised until funds are already gone.
Operation Atlantic marks a shift toward proactive intervention. Rather than only pursuing recovery after theft, authorities identified at-risk wallets and secured assets before criminals could move them further. Coinbase's Global Intelligence team joined the operation alongside other exchange partners, while Binance's Special Investigations team provided live account screening and intelligence support on-site at NCA headquarters.
The operation sets a template for future cross-border crypto enforcement. With exchanges now embedding staff directly alongside investigators, the gap between on-chain crime and real-world enforcement is narrowing. Regulators in all three countries have signaled that more joint operations will follow throughout 2026.
Operation Atlantic demonstrates that blockchain's transparency can work against criminals when public and private sectors coordinate effectively. The operation is ongoing, and authorities have urged crypto users to review and revoke any unfamiliar token approvals in their wallets.
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