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UK NCA Led Operation Atlantic Freezes $12 Million Funds Tied to Approval Phishing Scams

UK NCA-Led Operation Atlantic Freezes $12 Million Funds Tied to Approval Phishing Scams

Global crackdown targets phishing scams affecting cryptocurrency users and investors.

Written by Rahul Dhingra, Edited by David Delima | Updated: 10 April 2026 15:51 IST

UK NCA-Led Operation Atlantic Freezes $12 Million Funds Tied to Approval Phishing Scams

Photo Credit: Unsplash/Sasun Bughdaryan

Authorities intensify efforts to combat cross-border crypto scams

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Highlights

Over 20,000 victims identified across three countries
Approval phishing scams enable unauthorised wallet access
Agencies collaborate with exchanges for investigation support

Operation Atlantic, led by the UK's National Crime Agency (NCA), the US Secret Service, the Ontario Provincial Police, and the Ontario Securities Commission, has struck a pivotal blow against phishing scams, freezing $12 million (roughly Rs. 111 crore) tied to these funds. This operation managed to identify more than 20,000 victims across the three countries. The NCA also added that it identified more than $45 million stolen in cryptocurrency fraud schemes. Operation Atlantic has categorised these scams as 'approval phishing' scams.

Multi-Nation Effort Targets Crypto Fraud and Scam Networks

Approval phishing scams trick users into signing malicious permissions that allow attackers to access and drain crypto wallets. These scams are where the bad actors manage to trick victims into sending them crypto, which misleads the victims into unknowingly authorising malicious transactions that allow scammers to use the victim's wallet and spend their tokens against their own will. There is a pop-up alert in this process, and if clicked, it gives the perpetrators full control over their wallet. Transactions are irreversible after the access is lost by the victims.

Fraudsters targeting cryptocurrency stopped and $12 million frozen in NCA-led Operation Atlantic.

Read the full story :arrow_right: https://t.co/9pV732unid pic.twitter.com/gkG9ce232x
— National Crime Agency (NCA) (@NCA_UK) April 9, 2026

Appreciating the alliance of the three countries, the NCA Deputy Director of Investigations, Miles Bonfield, said, “Operation Atlantic is a powerful example of what is possible when international agencies and private industry work side by side.” This operation was also assisted by a major cryptocurrency exchange, Binance, as per a separate statement by the exchange.

“Approval phishing is one of the most damaging types of scams targeting crypto users today,” said Flavio Tonon, Binance's senior regional advisor for the Europe, Middle East, and Africa.

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Binance has also said that no funds were frozen by their team, as the operation included on-site investigations at the NCA's London headquarters, where the exchange's special investigations team provided support, including live account screening and scam intelligence. The company also assisted in providing information on potential perpetrators and conducted research that identified scam websites.

Operation Atlantic came into existence last month. Their main goal is to target organised criminal groups involved in investment scams, phishing schemes, and other forms of digital asset fraud. This association will involve sharing intelligence, taking enforcement actions, and launching public awareness campaigns. The decision highlights the growing international cooperation aimed at tackling financial crime, especially those involving digital assets and spanning multiple countries.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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Further reading: Cryptocurrency, Scams, Regulations

Rahul Dhingra

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Rahul Dhingra is a crypto writer at Gadgets 360, where he covers the exciting world of Cryptocurrency, Blockchain, Defi and Web3. Before joining Gadgets 360, he worked as a content specialist for a European-based Crypto Exchange. Rahul loves storytelling, not just through the written word but also through the visual medium. Beyond his professional life, Rahul is a sports fanatic. Whether it’s cricket or football, his passion for the game is contagious. More