International Task Force Freezes $12 Million in Crypto Phishing Proceeds

Authorities from the United Kingdom, United States, and Canada have concluded 'Operation Atlantic,' a coordinated enforcement action targeting sophisticated cryptocurrency phishing scams. The operation resulted in the freezing of more than $12 million in suspected criminal proceeds. The initiative was led by the UK’s National Crime Agency (NCA) in collaboration with the US Secret Service, the Ontario Provincial Police, and the Ontario Securities Commission. Investigators identified more than 20,000 victims across the three participating nations, noting that the total amount stolen across these fraud schemes exceeded $45 million. The operation specifically targeted 'approval phishing,' a technique where attackers trick users into signing malicious permissions. Unlike traditional scams that require a victim to send funds, approval phishing allows attackers to drain specific tokens directly from a wallet once authorization is granted. Binance provided critical intelligence and technical support, including live account screening and the identification of active scam websites. The exchange's Special Investigations team worked alongside the NCA at its London headquarters to facilitate asset seizures. While the frozen amount is relatively small compared to total market capitalization, the operation underscores the increasing cooperation between global regulators and private exchanges to combat digital asset fraud and leverage blockchain transparency for law enforcement.