TL;DR
- Payward supported Operation Atlantic, a coordinated international law enforcement effort led by the UK’s National Crime Agency and co-led with the U.S. Secret Service, Ontario Provincial Police, and Ontario Securities Commission to disrupt cryptocurrency fraud and approval phishing scams, resulting in the identification of more than $45 million in suspected criminal proceeds and over 20,000 potential victims across multiple jurisdictions.
- As an industry partner in active law enforcement operations, Payward identified and notified potentially impacted clients, responded to law enforcement data requests, and deployed team members on-site at NCA London headquarters, demonstrating how crypto exchanges can serve as operational partners in disrupting financial crime in real time.
- Approval phishing (where victims unknowingly grant malicious actors access to their crypto wallets) represents a fast-moving, cross-border threat; Payward’s participation in operations like Atlantic reflects its commitment to crypto ecosystem integrity, client protection, and cooperative engagement with global regulators and law enforcement.
How Operation Atlantic worked
Led by the UK’s National Crime Agency (NCA) and as part of a joint effort with the U.S. Secret Service, Ontario Provincial Police, and Ontario Securities Commission, the operation brought together law enforcement and industry partners to identify victims, trace illicit funds, and disrupt fraud networks.
It identified more than $45 million in suspected criminal proceeds, froze over $12 million, and helped identify more than 20,000 potential victims across multiple jurisdictions.
Crypto fraud is often cross-border, fast-moving, and highly coordinated. Operation Atlantic focused on “approval phishing,” where victims are tricked into granting malicious actors access to their crypto wallets.
Payward has a longstanding commitment to supporting law enforcement in combating financial crime. Operation Atlantic is one example of Payward’s ongoing collaboration across jurisdictions.
As part of the operation, Payward:
- Identified clients who may have been impacted and took proactive steps to notify and protect them
- Responded to law enforcement requests, providing data to support active investigations
- Deployed team members on-site at the NCA’s London headquarters, working directly alongside investigators and other industry partners throughout the operation
Operation Atlantic demonstrates how collaboration between law enforcement and industry can reduce harm in real time. By combining law enforcement authority, industry data and technical capabilities, and cross-border coordination, participants were able to contribute to disrupting fraud networks and preventing further losses.
Payward was one of several industry partners involved in the operation, alongside other exchanges and financial institutions. These partnerships are essential in addressing the scale and speed of modern financial crime.
What this means for clients
While operations like this can mitigate losses, they also highlight an important reality: Once funds are transferred to wallets controlled by scammers, recovery is often difficult and, in many cases, not possible.
Approval phishing scams rely on users unknowingly granting access to their wallets, often through malicious websites or applications. Staying vigilant and verifying platforms before interacting with them remains critical.
If you believe you may have been targeted or affected by a scam:
- Review your wallet activity for unfamiliar transactions
- Avoid interacting with unknown links or platforms
- Report the incident to your local law enforcement authority
- Contact Kraken support for assistance related to your account
Participation in operations like Atlantic reflects the trust placed in Payward as a responsible and cooperative partner. Being invited to participate in ongoing efforts reinforces that relationship.
Protecting clients and maintaining the integrity of the crypto ecosystem is not just a regulatory obligation. It is a core part of how Payward operates.