Headline, US, UK and Canada launch Operation Atlantic to tackle crypto fraud, published at 7.09 pm,
March 16, 2026. The US, UK and Canada have today launched a new joint initiative aimed at
raising awareness of crypto fraud while simultaneously tackling crypto-related organized crime,
known as Operation Atlantic. The initiative will see the US Secret Service,
USSS, the UK's National Crime Agency, NCA, and Canada's Ontario Provincial Police,
contact victims and potential victims of crypto fraud, and advise them on how to keep their
crypto assets safe. A USS spokesperson told Proto's that the operation will last a week,
and that the agencies are working alongside private industry partners to identify and contact
victims of approval fishing. They added, law enforcement personnel will then provide advice
and instructions on how to secure their assets to prevent further losses. Additionally,
teams will work to trace and seize stolen funds with the goal of victim restitution.
Read more. How to stay safe on chain? Three crypto users lose $876,000 within hours.
One particular crypto scam, known as Approval Fishing, is highlighted in the initiative.
This involves a victim signing off on a fake wallet approval request that gives hackers access
to their funds. Some scammers have drained over $600,000 worth of crypto assets through approval
fishing. Last year, one of the largest supply chain attacks in history used approval fishing
to redirect funds to a hacker's account. This case, despite its scale, only drained $0.05.
The USS Deputy Assistant Director for the Office of Field Operations claims,
Approval Fishing and Investment Scams cost victims millions in financial loss each year.
They also claim that Operation Atlantic will identify and disrupt these scams in near real time,
denying criminals the ability to further profit from their crimes.
Recognizing that scammers often impersonate trusted bodies,
the NCA and USS have created a dedicated phone number and web page to make it easier for callers
to verify legitimacy. Operation Atlantic was inspired by a 2024 Canadian-led program called
Project Atlas. In this case, $70 million in funds was reportedly kept from scammers
while $24 million in stolen funds were frozen. One crypto fraud-body disbands, another takes its place.
Last year, the Trump administration disbanded the Justice Department's crypto-enforcement agency
in line with an executive order. The agency was created to tackle
complex investigations and prosecutions of criminal misuses of cryptocurrency.
Since then, the scale of crypto-scams orchestrated by criminal gangs in South Asia
has been scrutinized by the U.S. and China and led to the creation of the U.S.
Scams Center Strike Force. This body, which aims to bring scam leaders to justice,
partnered with social media giant Metta to help take down 150,000 Facebook accounts.
The joint operation with Thai authorities led to the arrest of 21 people.
Thailand's neighbor, Cambodia, has also led a widespread crackdown against crypto-scam compounds
that reportedly led to the deportation of 48,000 people detained from raids. Got a tip?
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