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 working to disrupt cryptocurrency schemes around the world.
In a statement, blockchain intelligence platform TRM Labs said it served as a private sector partner in the phishing campaign, with Operation Atlantic freezing more than $12 million in suspected illicit proceeds.
The initiative also identified more than $45 million in fraud schemes globally and more than 20,000 victims across the United Kingdom, Canada and the United States.
Operation Atlantic used blockchain analytics, intelligence sharing, and outreach to victims to identify and act on consent phishing, a form of cryptocurrency fraud that manipulates victims into signing blockchain transactions that gives fraudsters control of their wallet.
Traditional phishing involves stealing login credentials. In consent phishing, perpetrators trick their victims into giving them permission to access and steal funds from their wallet. Scammers often implement this scheme through pig slaughter and investment scams, grooming their victims over a period of weeks or months before directing them to a malicious site.
He says NCA Deputy Director of Investigations Myles Bonfield,
“Operation Atlantic is a powerful example of what is possible when international agencies and private industry work side by side. This extensive action has protected thousands of victims in the UK and abroad, stopped criminals in their tracks and helped save others from losing their money.”
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