In an announcement made on Thursday, cryptocurrency firms such as Coinbase and Binance, in partnership with government bodies like the United States Secret Service and the U.K.’s National Crime Agency (NCA), have successfully flagged $45 million in crypto funds stolen through fraudulent activities. The investigation has identified over 20,000 victims of approval phishing fraud, leading to the freezing of $12 million worth of assets aimed at restitution for these victims.
Coinbase highlighted that their Global Intelligence team collaborated with multiple international law enforcement agencies and partners during an intensive operational sprint held at the NCA headquarters in London. “Our objective was clear: identify victims, trace stolen funds, and dismantle the infrastructure enabling approval phishing as quickly as possible,” Coinbase stated.
Known as ‘Operation Atlantic’, this investigative effort was initially disclosed last month and conducted over a week-long session at the NCA’s London base. The operation disrupted several fraud networks and will continue to process the gathered intelligence. Partners included other crypto entities like on-chain security firm Chainalysis, exchange Kraken, and stablecoin issuer Tether.
Miles Bronfield, Deputy Director of Investigations for the NCA, remarked in a statement, “Operation Atlantic exemplifies the power of collaboration between international agencies and private industry.” He noted that the initiative protected thousands of UK and global victims, halted criminals, and prevented further financial losses.
The operation targeted crypto investors who fell prey to approval phishing—a tactic where fraudsters gain access to funds via deceptive pop-ups or alerts mimicking trusted sources. The Secret Service reported the identification of over 120 web domains involved in these schemes during their week-long effort.
Coinbase noted that such cross-border coordination typically takes months with traditional financial crimes, but blockchain technology allowed for rapid progression from identification to action within just a week. This follows closely on the heels of an incident where alleged North Korean hackers stole approximately $285 million through a Solana protocol exploit known as Drift. A recent FBI report highlighted over $11.4 billion lost to crypto scams in 2025 alone, underscoring the magnitude of this issue.