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

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. 

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. 

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.