U.S., U.K., and Canada Launch Operation Atlantic to Crack Down on Crypto Scams

• Operation Atlantic brings together agencies from three countries to disrupt crypto fraud and track illicit fund flows.
• The initiative aims to protect victims by targeting crypto scams such as approval phishing.

The law enforcement agencies from three countries have started Operation Atlantic, an organized effort to disrupt crypto-related scams, dismantle fraud networks, and boost cross-border operations to target unlawful conduct in the digital asset space.

On March 16, the National Crime Agency (NCA) reported on Operation Atlantic, stating that it was a joint effort by law enforcement agencies from the United States, the United Kingdom, and Canada.

As per the report, the agencies such as the U.S. Secret Service, the U.K. National Crime Agency, Canada’s Ontario Provincial Police, the Ontario Securities Commission, the Royal Canadian Mounted Police, the City of London Police, the U.S. Attorney’s Office for the District of Columbia, and the U.K.’s Financial Conduct Authority are participating. 

The Operation Atlantic’s main objective is to disrupt the organized fraud schemes, reclaim stolen money, help victims protect assets to prevent further loss, and increase public awareness of crypto investment frauds.

The operation also targets people who have lost or are in danger of losing cryptos through a method called “approval phishing,” which is usually connected to online investment scams, also called “pig butchering,” in which victims are gradually tricked into sending large amounts of money to fraudsters over time.

Then, the United States Secret Service agency noted, “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. Further, stating that the primary objective of Operation Atlantic is for the US Secret Service and its international law enforcement partners to quickly detect and stop these scams.

The agency also reported that Operation Atlantic expands upon Project Atlas, a 2024 project to tackle cryptocurrency fraud networks that was started by the United States Secret Service and the Ontario Provincial Police. With that,  the latest Operation Atlantic strengthens cross-border enforcement activities by adding more international partners than the previous project

With that, the efforts of three countries indicate a stronger stance against crypto fraud as authorities aim to address legislative gaps and strengthen responsibility in the digital asset sector.

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