Operation Atlantic: US, UK, Canada Disrupt $45M Global Crypto 'Pig Butchering' Scam Network
Law enforcement agencies from the US, UK, and Canada have dismantled a global $45 million cryptocurrency fraud operation, freezing $12 million in stolen funds and identifying over 20,000 cryptocurrency wallet addresses linked to victims across 30 countries.
Operation Details
Operation Atlantic, a week-long joint initiative led by:
- US Secret Service
- UK National Crime Agency
- Ontario Provincial Police
- Ontario Securities Commission
How the Scam Worked
The "pig butchering" scam operates through:
- Victims receive fake notifications appearing to come from legitimate apps or services
- Notification asks user to approve access to their crypto account
- Once approved, criminals drain the victim's wallet completely
- Funds are rapidly laundered across multiple wallets and exchanges
Results
| Metric | Value |
|---|---|
| Total scam value | $45 million |
| Funds frozen & returned | $12 million |
| Victims contacted | 3,000+ |
| Wallet addresses identified | 20,000+ |
| Countries affected | 30 |
| Additional fraud identified | $33 million |
Context: Crypto Crime Explosion
The FBI reported this week that US cybercrime losses hit a record $20.87 billion in 2025. Cryptocurrency-specific complaints reached 181,565 — a 21% increase — with losses totaling $1.366 billion, up 22% from 2024.
Key Takeaway
The operation demonstrates the growing capability of international law enforcement to trace and recover cryptocurrency, but also highlights the massive scale of crypto-facilitated fraud. The $33 million in additional identified fraud suggests this operation has only scratched the surface.