Operation Atlantic, a multinational enforcement initiative, has successfully frozen over $12 million in cryptocurrency scam proceeds. The operation involved authorities from the United States, United Kingdom, and Canada, targeting phishing attacks that defrauded thousands.
The coordinated effort, led by the UK's National Crime Agency, the US Secret Service, and Canadian law enforcement, identified more than 20,000 victims across the three countries. Investigators secured and froze more than $12 million in suspected criminal proceeds, with an additional $45 million identified as stolen through various cryptocurrency fraud schemes.
Approval phishing scams, a primary focus of the operation, trick users into granting malicious permissions that allow attackers to drain crypto wallets. Unlike traditional scams, these exploits enable scammers to spend specific tokens from a victim's wallet without direct fund transfers. Binance provided assistance to the operation, aiding in asset seizure efforts and identifying scam websites.
Authorities emphasized that while significant funds were frozen, no assets were seized from Binance accounts as part of this operation. The collaborative approach between international agencies and private industry, like Binance, was highlighted as crucial in combating sophisticated cryptocurrency crime.