International police launch Operation Atlantic to combat crypto approval phishing scams - CoinDesk

Finance Share U.S., UK, Canada start Operation Atlantic to disrupt crypto approval-phishing scams International law enforcement effort targets approval-phishing schemes tied to crypto investment fraud. By Olivier Acuna|Edited by Sheldon Reback Mar 16, 2026, 8:50 a.m. Make us preferred on Google U.S. Secret Service agents will monitor cryptocurrency fraud investigations during an operation targeting approval phishing scams. (U.S. Secret Service-Wikimedia Commons/Modified by CoinDesk) What to know: Law enforcement agencies in the U.S., U.K. and Canada started Operation Atlantic to disrupt cryptocurrency fraud schemes known as approval-phishing attacks. These scams trick victims into granting wallet permissions via fake alerts or pop-ups, allowing criminals to seize control of crypto wallets and move funds in irreversible blockchain transactions. Building on earlier efforts such as Project Atlas and Operation Spincaster, authorities say the initiative will focus on real-time disruption of scams, victim warnings and guidance on securing compromised wallets and recovering stolen assets. Law enforcement agencies from the U.S., U.K. and Canada started a joint initiative called Operation Atlantic aimed at disrupting cryptocurrency fraud schemes known as approval-phishing attacks, the Ontario Securities Commission (OSC) said Monday. The scams work by prompting victims to approve malicious wallet permissions through fake alerts or pop-ups that appear to come from trusted apps or services, the OSC said. Once access is granted, criminals gain control of the wallet and can transfer funds. Because blockchain transactions cannot be reversed, recovery becomes difficult once assets leave a victim’s account. Cryptocurrency scams generated at least $14 billion in onchain revenue in 2025, according to Chainalysis, with totals expected to climb toward $17 billion as more illicit wallets are identified. Much of the activity now relies on social engineering tactics, complex AI-generated content and phishing-as-a-service platforms to trick victims into granting wallet access or transferring funds. “Approval phishing and investment scams cost victims millions in financial loss each year,” said Brent Daniels, deputy assistant director for the U.S. Secret Service’s Office of Field Operations, which is involved in the project. The operation builds on Project Atlas, a 2024 initiative led by the Ontario Provincial Police's Cyber-Enabled Fraud Team to combat global crypto investment fraud. The project identified over 2,000 compromised wallets across 14 countries, disrupted roughly $70 million in potential fraud, and froze about $24 million in stolen crypto. Similar international efforts, such as Chainalysis’ Operation Spincaster, generated more than 7,000 investigative leads tied to roughly $162 million in losses, highlighting the scale of approval phishing schemes targeting crypto investors. Authorities said the new operation will help warn potential victims and guide them on securing compromised wallets while attempting to trace and recover stolen funds. “During Operation Atlantic, the Secret Service, alongside our international law enforcement partners, will identify and disrupt these scams in near real-time denying criminals the ability to further profit from their crimes,” Daniels said. Secret Service Law Enforcement Phishing Crypto Scams US Canada UK More For You Mastercard's $1.8 billion deal 'a clear answer' to a massive shift in the global payment war By Helene Braun, Krisztian Sandor, Will Canny|Edited by Aoyon Ashraf 5 hours ago Analysts say the $1.8 billion acquisition shows stablecoins are moving from niche use to global settlement rails. What to know: Mastercard’s $1.8 billion deal to buy London-based BVNK signals that stablecoins are shifting from a niche crypto tool to a core layer of global payment infrastructure. Analysts say the acquisition will let Mastercard plug 24/7, blockchain-based stablecoin rails into its existing network, improving cross-border settlement while treating stablecoins as complementary rather than competitive to card payments. While BVNK’s roughly $40 million in revenue means limited near-term earnings impact, Wall Street views the purchase as a strategic bet on a coming stablecoin adoption wave and a defensive move to protect Mastercard’s core payments business. 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