US, UK, Canada Launch Operation Atlantic to Combat Crypto Fraud

Authorities in the United States, United Kingdom, and Canada have launched a coordinated international effort to combat cryptocurrency-related fraud, with a particular focus on phishing scams that continue to target digital asset users.

The initiative, known as “Operation Atlantic,” brings together multiple law enforcement and regulatory agencies, including the U.S. Secret Service, the UK National Crime Agency, and Canadian bodies such as the Ontario Provincial Police and the Ontario Securities Commission.

Targeting Phishing and Investment Scams

The operation aims to identify individuals at risk of falling victim to crypto-related fraud and to intervene in cases where losses have already occurred. Authorities are particularly focused on so-called “approval phishing” schemes, a growing form of attack in which users are tricked into authorizing malicious transactions.

These scams typically involve deceptive messages or interfaces that prompt users to approve access to their crypto wallets. Once permission is granted, attackers can transfer assets without further consent.

“Approval phishing and investment scams result in significant financial losses each year,” said Brent Daniels, Deputy Assistant Director at the U.S. Secret Service. He added that the initiative is designed to detect and disrupt such activity in near real time.

Building on Previous Enforcement Efforts

Operation Atlantic expands on earlier cross-border initiatives, including Canada’s Project Atlas, which was launched in 2024 to investigate crypto fraud networks. The new operation also involves collaboration with the Royal Canadian Mounted Police, the UK Financial Conduct Authority, the City of London Police, and the U.S. Attorney’s Office for the District of Columbia.

The coordinated approach reflects growing recognition among regulators that cryptocurrency-related crimes often operate across jurisdictions, requiring international cooperation to address effectively.

Rising Concerns Over Phishing Attacks

Data from blockchain analytics firms suggests that phishing remains one of the most persistent threats in the crypto ecosystem. According to industry estimates, approval phishing scams alone have resulted in billions of dollars in losses over recent years.

While the number of phishing attacks has increased in recent months, some reports indicate that total losses from crypto-related exploits have fluctuated, highlighting the evolving nature of fraud tactics in digital asset markets.

Focus on Prevention and Recovery

Beyond enforcement, Operation Atlantic also seeks to raise public awareness about common scam techniques and improve the chances of recovering stolen funds.

Authorities say the initiative will combine investigative work with educational outreach, aiming to reduce the number of victims while strengthening coordination between public agencies and private sector partners.

The launch underscores the increasing priority regulators are placing on consumer protection and financial crime prevention as the global digital asset market continues to expand.