Key Takeaways:
- Joint US, UK, and Canadian operation freezes $12 million in stolen crypto.
- Over $45 million in total fraud was identified from approval phishing schemes.
- Crypto firms like Binance and Coinbase assisted in the investigation.
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US and UK freeze $12 million in crypto seized from phishing scams
Authorities in the US, UK, and Canada have frozen over $12 million in stolen cryptocurrency as part of a joint crackdown on approval phishing scams dubbed "Operation Atlantic." The operation identified more than $45 million in total fraudulent proceeds.
"Operation Atlantic is a powerful example of what is possible when international agencies and private industry work side by side,” Miles Bonfield, Deputy Director of Investigations at the UK’s National Crime Agency, said in a statement.
The joint effort, which included the US Secret Service and crypto exchanges like Binance and Coinbase, identified over 20,000 victims. Approval phishing scams trick users into signing malicious permissions, allowing attackers to drain funds from their crypto wallets without needing to steal private keys directly. More than 120 fraudulent web domains were also identified during the operation.
The operation highlights a growing trend of public-private partnerships to combat crypto crime, using blockchain's transparency to trace and seize illicit funds. While this action may bolster investor confidence, it also signals a more aggressive enforcement posture from regulators that could impact how exchanges handle suspicious funds. The agencies will continue to analyze the gathered intelligence to disrupt further fraud networks.
This article is for informational purposes only and does not constitute investment advice.
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