More than $12 million in suspected criminal proceeds has been frozen and over 20,000 victims identified following an international operation led by the UK’s National Crime Agency (NCA) targeting cryptocurrency and investment fraud schemes.

Operation Atlantic, conducted last month and co-hosted by the NCA alongside the United States Secret Service, Ontario Provincial Police and the Ontario Securities Commission, focused on identifying victims affected by so-called “approval phishing” scams. These schemes involve fraudsters deceiving individuals into granting access to their cryptocurrency wallets, often under the guise of investment opportunities.

During the operation, authorities identified more than 20,000 victims across the UK, Canada and the United States. One UK-based victim alone is believed to have lost over £52,000 as a result of such fraudulent activity.

Through collaboration with private sector partners, investigators were able to trace illicit transactions and intervene in real time. This enabled authorities to freeze more than $12 million linked to suspected fraud, while also identifying over $45 million stolen globally through cryptocurrency-related scams.

The NCA hosted participating law enforcement agencies at its London headquarters, where real-time intelligence sharing, technical capabilities and coordinated victim outreach efforts contributed to the disruption of multiple fraud networks worldwide. The City of London Police, Financial Conduct Authority and other international partners also took part in the week-long operation.

Officials highlighted the critical role of private sector organisations in detecting suspicious activity and identifying victims quickly, allowing funds to be secured before they could be moved by criminals. This model of close public-private collaboration is expected to form a central element of the UK government’s recently announced Fraud Strategy, aimed at improving early detection and prevention of financial crime.

Authorities will now continue analysing intelligence gathered during Operation Atlantic to support victims and pursue further investigations into suspected criminal activity.