US, UK, Canada Launch Operation Atlantic on Crypto Scams

Law enforcement agencies from the United States, United Kingdom and Canada announced the launch of Operation Atlantic on Monday, a collaborative effort to combat cryptocurrency fraud schemes known as approval phishing, or pig butchering scams, that have cost victims billions worldwide.

The initiative, led by the U.S. Secret Service alongside the UK's National Crime Agency and Canadian partners including the Ontario Provincial Police and Ontario Securities Commission, aims to identify at-risk individuals, disrupt ongoing scams in near real-time and recover stolen funds. Additional participants include the Royal Canadian Mounted Police, City of London Police, U.S. Attorney's Office for the District of Columbia and UK's Financial Conduct Authority, with support from private sector entities.

Approval phishing involves scammers tricking users into signing malicious blockchain transactions, often through fake alerts or popups mimicking trusted applications. This grants fraudsters permission to spend tokens from the victim's wallet, allowing them to drain assets at will. These tactics frequently tie into broader investment frauds, where perpetrators build online relationships,...