The US, UK, and Canada have today launched a new joint initiative aimed at raising awareness of crypto fraud while simultaneously tackling crypto-related organized crime.
Known as “Operation Atlantic,” the initiative will see the US Secret Service (USSS), the UK’s National Crime Agency (NCA), and Canada’s Ontario Provincial Police contact victims, and potential victims, of crypto fraud and advise them on how to keep their crypto assets safe.
A USSS spokesperson told Protos that the operation will last a week, and that the agencies are working alongside “private industry partners” to identify and contact victims of approval phishing.
They added, “Law enforcement personnel will then provide advice and instructions on how to secure their assets to prevent further losses. Additionally, teams will work to trace and seize stolen funds with the goal of victim restitution.”
Read more: How to stay safe on-chain: Three crypto users lose $876K within hours
One particular crypto scam known as “approval phishing” is highlighted in the initiative. This involves a victim signing off on a fake wallet approval request that gives hackers access to their funds.
Some scammers have drained over $600,000 worth of crypto assets through approval phishing. Last year, one of “the largest supply chain attack[s] in history” used approval phishing to redirect funds to a hacker’s account.
This case, despite its scale, only drained $0.05.
The USSS deputy assistant director for the office of field operations claims, “Approval phishing and investment scams cost victims millions in financial loss each year.”
They also claim that Operation Atlantic “will identify and disrupt these scams in near real-time denying criminals the ability to further profit from their crimes.”
Recognising that scammers often impersonate trusted bodies, the NCA and USSS have created a dedicated phone number and webpage to make it easier for callers to verify legitimacy.
Operation Atlantic was inspired by a 2024 Canadian-led program called “Project Atlas.” In this case, $70 million in funds was reportedly kept from scammers while $24 million in stolen funds were frozen.
One crypto fraud body disbands, another takes its place
Last year, the Trump administration disbanded the Justice Department’s crypto enforcement agency in line with an executive order. The agency was created to tackle “complex investigations and prosecutions of criminal misuses of cryptocurrency.”
Since then, the scale of crypto scams orchestrated by criminal gangs in South Asia has been scrutinized by the US and China, and led to the creation of the US “Scam Center Strike Force.”
This body, which aims to bring scam leaders to justice, partnered with social media giant Meta to help take down 150,000 Facebook accounts. The joint operation with Thai authorities led to the arrest of 21 people.
Thailand’s neighbour, Cambodia, has also led a widespread crackdown against crypto scam compounds that reportedly led to the deportation of 48,000 people detained from raids.
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Source: https://protos.com/us-uk-and-canada-launch-operation-atlantic-to-tackle-crypto-fraud/
