More than $12 million has been frozen, and over 20,000 victims have been identified in an international law enforcement operation targeting cryptocurrency and investment scammers.

Authorities also uncovered more than $45 million in suspected cryptocurrency fraud losses worldwide. One UK victim identified during the operation is thought to have lost more than £52,000 to the fraud.

According to the FBI’s report, cryptocurrency remained a central element in fraud-related activity, with losses totaling $11.3 billion. Investment scams involving cryptocurrency accounted for $7.2 billion of that total, reflecting the continued reliance on digital assets in financial fraud schemes.

Led by the National Crime Agency (NCA), Operation Atlantic brought together investigators from the UK, the US, and Canada to identify people who had lost, or were at risk of losing, cryptocurrency through approval phishing. This type of scam tricks victims into granting criminals access to their cryptocurrency wallets, often under the guise of legitimate investment opportunities.

“This intensive action has led to the safeguarding of thousands of victims in the UK and overseas, stopped criminals in their tracks and helped save others from losing their funds,” noted Miles Bonfield, Deputy Director of Investigations at the National Crime Agency.

“Officers were joined by private sector organizations who played a critical role in tracing illicit transactions and identifying victims in real-time, meaning their money could be secured before it was moved by criminals,” NCA said.