Massive International Operation Uncovers Over 20,000 Victims of Crypto Fraud

International Law Enforcement Action Identifies Over 20,000 Victims of Cryptocurrency Fraud

An extensive international law enforcement operation, spearheaded by the U.K.’s National Crime Agency (NCA), has uncovered more than 20,000 victims of cryptocurrency fraud spanning across Canada, the United Kingdom, and the United States.

Known as “Operation Atlantic,” this collaborative effort, which transpired last month, brought together a consortium of enforcement agencies including the NCA, the U.S. Secret Service, the Ontario Provincial Police, the Ontario Securities Commission, and various private industry partners.

The NCA stated, “The NCA hosted law enforcement agencies at their London HQ and through real-time intelligence sharing, technical capabilities, and victim outreach, multiple fraud networks were disrupted worldwide. The City of London Police, Financial Conduct Authority, and other international law enforcement bodies also participated in the weeklong operation.”

Authorities have successfully frozen over $12 million in suspected criminal proceeds acquired through “approval phishing” attacks, a tactic where scammers deceive victims into granting them access to their cryptocurrency wallets, often through investment scams. Additionally, they have traced more than $45 million in stolen cryptocurrency linked to fraudulent schemes worldwide.

The collaborative public-private partnership model employed in Operation Atlantic will serve as a key component of the U.K. government’s newly unveiled Fraud Strategy, which aims to amalgamate industry data and law enforcement expertise to enhance fraud prevention measures.

Miles Bonfield, NCA Deputy Director of Investigations, remarked, “Operation Atlantic exemplifies the potential unlocked when international agencies and private industry collaborate. This concerted effort has safeguarded numerous victims in the U.K. and beyond, thwarted criminal endeavors, and prevented others from falling prey to financial losses.”

The NCA emphasized that, in conjunction with law enforcement and private-sector allies, they will continue scrutinizing the intelligence gathered during this operation to aid additional victims and pursue potential criminal activities.

Meanwhile, since January 2024, the FBI, with support from the U.S. Secret Service under Operation Level Up, has identified over 8,000 victims of cryptocurrency investment fraud, commonly known as pig butchering. Shockingly, approximately 77% of these victims were oblivious to the scam, with estimated savings to victims totaling $511,511,288.

In its 2025 Internet Crime Report, the FBI disclosed receiving 61,559 complaints of cryptocurrency investment fraud in the previous year, amounting to $7.228 billion in losses. This marks a substantial 48% surge in complaints and a 25% increase in losses compared to 2024.