International Operation Freezes Millions in Stolen Crypto Funds

A major operation to combat crypto scams has yielded significant results, with authorities tracing and freezing $45 million in stolen cryptocurrency funds.

The operation, dubbed 'Operation Atlantic', brought together government agencies like the US Secret Service and UK's National Crime Agency (NCA), along with leading crypto firms such as Coinbase and Binance. The joint effort focused on approval phishing fraud schemes, which saw malicious actors attempting to gain access to funds via fake pop-up notifications or alerts.

During a week-long intensive action at the NCA headquarters in London, more than 120 web domains used for scams were identified. Additionally, $12 million in funds were frozen in an effort to return them to victims. The operation's success is attributed to the coordination and collaboration between international agencies and private industry.

The authorities acknowledged that the swift action was made possible by blockchain technology, allowing them to move from identification to action within a single week. This achievement highlights the potential for cross-border, multi-agency coordination in addressing traditional financial crimes.