International Operation Disrupts $45M Crypto Fraud

Law enforcement agencies from the United States, United Kingdom and Canada announced Thursday the results of Operation Atlantic, a weeklong international effort in March that disrupted more than 45 million dollars in cryptocurrency fraud and froze over 12 million dollars in stolen funds. The operation targeted approval phishing scams, which trick users into granting unauthorized access to their digital wallets, and involved the U.S. Secret Service, the UK's National Crime Agency, the Ontario Provincial Police and the Ontario Securities Commission.

Investigators identified more than 20,000 cryptocurrency wallet addresses linked to victims in over 30 countries, including direct outreach to over 3,000 individuals at risk or already affected. Authorities disrupted more than 120 fraudulent web domains used by scammers and flagged an additional 33 million dollars in suspected investment fraud proceeds for further investigation. The frozen funds, secured before criminals could launder them further, are intended for return to victims.

Approval phishing involves fraudsters sending deceptive alerts, popups or even physical mail that mimic trusted platforms like hardware wallet providers...