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, announced last month as “Operation Atlantic,” reportedly lasted a week and included law enforcement agencies from the U.S., UK, and Canada who were targeting approval phishing scams.
Phishing is a broad term that describes tactics “designed to trick victims into unknowingly granting full access” to their digital accounts, including cryptocurrency wallets.
Investigators said that over the course of the operation, they 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.
“Operation Atlantic demonstrated the importance and need for international collaboration to stop cryptocurrency fraud,” said Brent Daniels, assistant director for the Secret Service’s Office of Field Operations.
In a similar campaign last year, dubbed “Operation Avalanche,” authorities were able to trace 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 permeating 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 “mandatory” security checks.
The letters often use official branding and 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 issues.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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