Operation Atlantic Crypto Phishing Crackdown Freezes $12M and Tracks $45M

US-UK-Canada authorities launched Operation Atlantic, a joint crackdown on crypto phishing “approval” scams. The UK NCA says more than $12M in suspected criminal proceeds was frozen and over $45M linked to the same network was mapped. The cases involved victims tricked into signing malicious token approvals rather than sending coins directly. By granting wallet access, crypto phishing is harder to detect and enables scammers to drain funds. The NCA cited a UK victim loss of over £52,000. Investigators used real-time support and intelligence from private partners to identify victims and trace suspicious transactions while recovery was still possible. Binance’s Special Investigations team supported live screening in London and flagged active scam sites. Binance also said no funds were frozen on Binance accounts, suggesting proceeds may be held elsewhere. After the action, authorities warned of potential “recovery scams” returning under new names. Bitcoin last traded near $71,792. For traders, the event is primarily enforcement-focused, but it highlights ongoing crypto phishing risk and the potential for exchange/chain activity scans to affect sentiment around scam-linked flows.