An international enforcement crackdown led by the U.S. Secret Service disrupted more than $45 million in cryptocurrency fraud and froze $12 million in stolen funds, according to a statement released Thursday.
The campaign, known as Operation Atlantic, lasted a week and included law enforcement from the U.S., UK, and Canada, all targeting approval phishing scams — tactics designed to trick victims into unknowingly granting full access to their cryptocurrency wallets.
Scale of the operation
Investigators identified more than 20,000 wallet addresses linked to victims across more than 30 countries and directly contacted over 3,000 individuals believed to be at risk or already affected.
The operation also took down over 120 web domains used by scammers and flagged an additional $33 million in suspected investment fraud proceeds that remain under investigation.
Brent Daniels, assistant director for the Secret Service’s Office of Field Operations, stated:
“Operation Atlantic demonstrated the importance and need for international collaboration to stop cryptocurrency fraud.”
In a similar campaign last year, dubbed Operation Avalanche, authorities traced roughly $4.3 million in Ethereum tied to approval phishing schemes.
Rise in physical scam attempts
While approval phishing is typically associated with fake links and pop-ups online, the tactic is now spreading into the physical world.
In recent months, crypto users have reported receiving letters impersonating hardware wallet providers such as Ledger and Trezor, urging recipients to scan QR codes or follow bogus links to complete so-called mandatory security checks.
The letters often use official branding and urgent language, warning that failure to act quickly could lock their funds.
Some of these campaigns are believed to draw from personal data exposed in past crypto company breaches and other digital security incidents.
