US, UK and Canada Launch Operation Atlantic Against Crypto Approval-Phishing Scams

Approval phishing is common in crypto investment scams, with fraudsters tricking users into signing malicious approvals that allow them to transfer tokens from victims’ wallets. Operation Atlantic is jointly led by the UK National Crime Agency, the US Secret Service, the Ontario Provincial Police and the Ontario Securities Commission. Through cross-border onchain tracing, the agencies aim to issue warnings before assets are moved and help users revoke approvals.

Authorities from the three countries launched the operation on March 16, 2026. During a week of intensive enforcement that ended March 27, they identified more than 20,000 wallet addresses linked to victims in over 30 countries. Officials said on April 9 that more than $45 million in crypto assets worldwide were tied to the fraud, with over $12 million frozen as authorities seek to return the funds. One UK victim was estimated to have lost more than £52,000.