This week, law enforcement agencies from the United States, United Kingdom and Canada are conducting Operation Atlantic, a joint international law enforcement initiative focused on identifying victims who may have lost - or are at risk of losing - crypto assets through "approval phishing,” which is often linked to cryptocurrency investment scams.
The operation aims to disrupt organized fraud schemes, assist victims to secure assets to prevent further loss, recover stolen funds and raise public awareness about cryptocurrency investment scams. It is co-hosted by the U.S. Secret Service, the UK’s National Crime Agency, the Ontario Provincial Police, and the Ontario Securities Commission.
“Approval phishing and investment scams cost victims millions in financial loss each year,” said Brent Daniels, the Deputy Assistant Director for the U.S. Secret Service’s Office of Field Operations. “During Operation Atlantic, the U.S. Secret Service, alongside our international law enforcement partners, will identify and disrupt these scams in near real-time denying criminals the ability to further profit from their crimes.”
The FBI has recorded more than $50 billion in crypto losses from 2020 to 2024, according to a 2024 report.
"Operation Atlantic is a strong example of the OSC's commitment to working across borders to tackle the growing risks posed by scams," said Bonnie Lysyk, Executive Vice President, Enforcement at the Ontario Securities Commission. "Through our partnerships with the OPP, UK National Crime Agency, and U.S. Secret Service we are using innovative techniques, advanced tools, and extensive expertise to disrupt bad actors and protect investors from the harm they seek to cause."
Additional agencies participating include the Royal Canadian Mounted Police, the City of London Police, the U.S. Attorney’s Office for the District of Columbia and the UK’s Financial Conduct Authority. The operation is being conducted in close collaboration with private industry partners.
“Approval phishing scams are becoming increasingly sophisticated. Operation Atlantic is designed to protect the public by warning people early and helping them secure their assets,” said Paul Foster, Deputy Director of Cyber at the UK’s National Crime Agency. “This joint international operation further enhances our strong partnerships. Criminals operate across borders, so our response must do the same.”
Operation Atlantic builds on the success of Project Atlas, a 2024 Canadian-led operation hosted by the Ontario Provincial Police and attended by the U.S. Secret Service, which targeted international cryptocurrency investment fraud networks.
“Project Atlas demonstrated the power of coordinated disruption. We’re proud to be part of Operation Atlantic, which builds on that approach by uniting international partners to take action in real time,” said Detective Superintendent Jennifer Spurrell, Director of the Financial Crimes Services Bureau at the Ontario Provincial Police. “As fraud becomes increasingly global, this level of collaboration is essential.”
Approval phishing is a scam that tricks victims into granting full access to their cryptocurrency wallet. These scams are often associated with cryptocurrency investment scams, also known as pig butchering. Scammers will send a fake pop-up or alert that appears to come from a trusted app or service, asking the victim to “approve” access. Once a victim grants the request, criminals gain full control of that crypto wallet, allowing them to transfer funds. Once funds leave the victim’s account, the transaction can’t be reversed, and the funds are difficult to recover.
If someone believes they are a victim of this type of fraud, please visit www.secretservice.gov/OperationAtlantic for more information.
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