An international law enforcement initiative involving the UK National Crime Agency (NCA), the US Secret Service, the Ontario Provincial Police and the Ontario Securities Commission is disrupting crypto fraud worldwide.
In a statement, blockchain intelligence platform TRM Labs said it served as a private sector partner in the anti-phishing crackdown, with “Operation Atlantic” freezing more than $12 million in suspected illicit proceeds.
The initiative also identified more than $45 million in fraud schemes worldwide and more than 20,000 victims in Britain, Canada and the US.
Operation Atlantic used blockchain analytics, intelligence sharing and victim outreach to identify and take action on phishing scams, a form of cryptocurrency fraud that manipulates victims into signing blockchain transactions that give scammers control of their wallets.
Traditional phishing involves stealing login details. In approval phishing, perpetrators trick their victims into giving them permission to access their wallets and steal money from their wallets. Fraudsters often carry out this scheme through pig slaughter and investment scams, preparing their victims for weeks or months before directing them to a malicious site.
Say NCA deputy director of investigations Miles Bonfield,
“Operational Atlantic is a powerful example of what is possible when international agencies and the private sector work side by side. This intensive action has led to the protection of thousands of victims in Britain and beyond, stopped criminals and helped save others from losing their money.”
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Generated image: Midjourney