Global Crackdown Exposes Massive Crypto Fraud Network with Over 20,000 Victims

More than 20,000 victims of cryptocurrency fraud have been identified following a large-scale international law enforcement operation led by the United Kingdom’s National Crime Agency (NCA).

The operation, known as Operation Atlantic, was conducted last month and brought together multiple agencies including the NCA, the U.S. Secret Service, the Ontario Provincial Police, and the Ontario Securities Commission, alongside several private sector partners. Law enforcement bodies such as the City of London Police and the Financial Conduct Authority also participated in the coordinated week-long effort.

According to the NCA, the operation focused on disrupting global fraud networks through real-time intelligence sharing, technical collaboration, and victim outreach. Authorities confirmed that over 20,000 individuals in countries including the United Kingdom, United States, and Canada were identified as victims of crypto-related scams.

Investigators also froze more than $12 million in suspected criminal funds linked to “approval phishing” schemes. In these scams, victims are tricked into granting attackers access to their cryptocurrency wallets, often under the guise of fake investment opportunities. Additionally, authorities traced more than $45 million in stolen cryptocurrency connected to various fraud networks worldwide.

Officials highlighted the importance of public-private cooperation in tackling digital financial crime. The partnership model used in Operation Atlantic is expected to play a key role in the UK government’s broader fraud prevention strategy, which aims to combine industry intelligence with law enforcement capabilities.

NCA Deputy Director of Investigations Miles Bonfield described the operation as a strong example of how international cooperation can disrupt criminal networks, protect victims, and prevent further financial losses.

Authorities also stated that the intelligence gathered during the operation will continue to be analyzed to support ongoing investigations and assist additional victims.

The NCA’s findings align with broader concerns about rising crypto fraud globally. Since January 2024, the FBI has identified more than 8,000 victims of cryptocurrency investment scams, often referred to as “pig butchering” schemes, with support from the U.S. Secret Service. Officials noted that a large majority of victims were unaware they were being scammed, while estimated prevented losses exceeded $511 million.

Separately, the FBI’s 2025 Internet Crime Report recorded 61,559 complaints related to cryptocurrency investment fraud in the previous year, resulting in over $7.2 billion in losses. This marked a significant year-over-year increase in both complaints and financial damage, highlighting the rapidly growing scale of crypto-related crime.