Global law enforcement launched Operation Atlantic to disrupt crypto approval-phishing scams after $83M in losses in 2025.
Law enforcement agencies across three countries have joined forces to confront a rising form of cryptocurrency fraud. The campaign focuses on approval-phishing scams, which drained millions from crypto users last year. Officials say international cooperation is necessary as fraud networks increasingly operate across borders.
Operation Atlantic Targets Organized Crypto Fraud and Phishing Groups
Authorities from the United States, the United Kingdom, and Canada are working together in a joint operation called Operation Atlantic. According to the statement, several law enforcement and financial agencies are involved, aiming to fight cryptocurrency scams.
Other participants include the U.S. Secret Service, the UK’s National Crime Agency, the Ontario Provincial Police, and the Ontario Securities Commission. In addition, the Royal Canadian Mounted Police, the City of London Police, the U.S. Attorney’s Office for the District of Columbia, and the UK Financial Conduct Authority are also helping.
The operation aims to disrupt organized phishing groups and warn potential victims before losses occur. Investigators are also working with companies in the crypto industry to track stolen assets.
Crypto Wallet Approval Scams Continue to Cause Multi-Million Dollar Losses
Approval-phishing scams trick users into signing a malicious transaction with their crypto wallet. The user may think they are approving a normal action, such as connecting a wallet to a website. However, that approval secretly gives the attacker permission to move tokens from the wallet later.
Brent Daniels from the U.S. Secret Service said these scams still cause large financial losses, even as authorities work to stop them.
“Approval phishing and investment scams cost victims millions in financial loss each year. During Operation Atlantic, the U.S. Secret Service and international partners will identify and disrupt these scams in near real time.”
Daniels said.
Officials in Canada echoed the need for cross-border action as fraud schemes become more coordinated. Bonnie Lysyk, Executive Vice President of Enforcement at the Ontario Securities Commission, said cooperation among agencies is critical when criminals operate internationally.
She further explained that Operation Atlantic reflects strong cooperation between international agencies to combat cryptocurrency scams.
According to the statement, the initiative builds on earlier efforts from Canadian authorities. Project Atlas, launched in 2024, targeted global cryptocurrency investment fraud networks and brought together investigators from several jurisdictions.
Phishing Losses Drop to $83M in 2025, But Threats Persist
Recent data shows that phishing losses dropped sharply last year, though risks remain. According to blockchain security firm Scam Sniffer, signature phishing losses fell from $494 million in 2024 to $83.85 million in 2025.
Victim numbers also declined as Scam Sniffer recorded 106,106 victims in 2025. This is less compared with more than 332,000 the previous year.
Market activity still plays a major role in phishing incidents. The report found that losses often rise when trading activity increases. During the third quarter of 2025, a strong Ether rally coincided with the highest phishing losses of the year, totaling $31 million.
Large thefts remain a concern. The biggest single incident in 2025 involved $6.5 million in stolen assets, including stETH and aEthWBTC. Attackers used a malicious Permit signature to carry out the theft in September.
Researchers also found that Permit and Permit2 signatures accounted for 38% of major phishing cases above $1 million. Authorities say Operation Atlantic will continue monitoring such threats as crypto adoption grows worldwide.
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