US, UK, and Canada Jointly Launch "Operation Atlantic" to Combat Crypto Phishing Scams
U.S., U.K., and Canadian law enforcement agencies have jointly launched a cross-border operation named “Operation Atlantic,” focusing on combating “approval-phishing” scams targeting cryptocurrency users. The Ontario Securities Commission stated that such scams typically employ pop-ups and prompts disguised as legitimate applications or services to trick users into granting malicious wallet permissions; once authorized, attackers gain full control over the wallet and can transfer assets.
Data shows that cryptocurrency scams generated at least approximately $14.0 billion in on-chain illicit revenue in 2025, and with more implicated wallets being identified, the total scale is expected to approach $17.0 billion. Law enforcement agencies noted that current scam activities are increasingly reliant on social engineering, AI-generated content, and “Phishing-as-a-Service” platforms.
This operation is being advanced collaboratively by multiple national law enforcement agencies. Regulators indicated that the new initiative will help identify victim wallets, issue timely warnings to potential victims, and attempt to trace and freeze stolen cryptocurrency assets—thereby reducing opportunities for criminals to profit further.