Law enforcement agencies in the United States, the United Kingdom, and Canada have launched a joint initiative called Operation Atlantic aimed at disrupting cryptocurrency fraud schemes known as approval-phishing attacks.
Approval-phishing scams typically trick users into granting malicious wallet permissions through fake alerts, pop-ups, or messages that appear to come from trusted applications or services. Once victims approve these permissions, attackers gain control over certain wallet functions and can transfer funds without the user’s knowledge.
Because blockchain transactions are irreversible, recovering stolen assets becomes extremely difficult once the funds are moved from a compromised wallet.
Authorities say the new initiative focuses on identifying and disrupting these scams in real time while also warning potential victims and helping them secure compromised wallets. The operation is also expected to assist investigators in tracing stolen funds and preventing criminals from continuing their activities.
Cryptocurrency scams have grown significantly in recent years. Reports suggest that crypto-related fraud generated at least $14 billion in illicit on-chain revenue in 2025, with the total potentially increasing as more fraudulent wallets are identified.
Many modern scams rely on social engineering tactics, AI-generated content, and phishing-as-a-service platforms designed to trick victims into approving wallet access or transferring digital assets.
The new initiative builds on previous international efforts aimed at combating crypto fraud. Earlier operations helped identify thousands of compromised wallets across multiple countries and disrupted tens of millions of dollars in potential fraudulent activity.
With Operation Atlantic, authorities aim to strengthen global cooperation in tackling crypto-related scams while improving protection for investors and digital asset users.
Officials say the initiative will prioritize rapid detection, victim awareness, and disruption of fraudulent operations, helping prevent attackers from profiting from approval-phishing schemes in the cryptocurrency ecosystem.