Operation Atlantic: Crypto Approval Phishing and Pig Butchering Scams — What Florida Investors Need to Know

by Cryptocurrency & Digital Asset Attorney Attorney Carolina Nunez

On March 16, 2026, the U.S. Secret Service, the UK National Crime Agency, the Ontario Provincial Police, and the Ontario Securities Commission launched Operation Atlantic — a joint international law enforcement initiative targeting approval phishing scams and cryptocurrency investment fraud, commonly known as pig butchering. The operation is running in real time from hubs in San Francisco and Washington, D.C., with three separate teams operating across 16-hour daily shifts. Additional participating agencies include the Royal Canadian Mounted Police, the City of London Police, the U.S. Attorney's Office for the District of Columbia, and the UK's Financial Conduct Authority. This initiative comes on the heels of the $263 million crypto theft RICO case, further signaling that international law enforcement is escalating its response to crypto fraud networks.

Crypto scams generated at least $17 billion in on-chain revenue in 2025, according to Chainalysis. Approval phishing alone caused $83.85 million in confirmed losses across 106,106 victims on EVM-compatible blockchains — an 83% decline from the $494 million recorded in 2024, according to Scam Sniffer. Despite the decline, the sophistication of these attacks continues to evolve. Operation Atlantic aims to disrupt these schemes in near real-time, warn at-risk victims, and recover stolen funds. Central Florida, with its large population of retirees and crypto investors, remains a prime target for these criminal networks. For a comprehensive overview of how cryptocurrency and blockchain law affects investors and businesses in Florida, visit our detailed guide.

At The Law Offices of Carolina Nunez, P.A., Attorney Carolina Nunez advises individuals protecting their digital assets, investors navigating crypto fraud recovery, and families securing digital asset estate plans throughout Orlando, Winter Park, Daytona Beach, Sanford, Kissimmee, Lake Mary, DeLand, and all of Central Florida. Call (407) 900-FIRM to speak with a crypto attorney, or click here to fill out our online case review.

What Is Approval Phishing?

Approval phishing is not traditional hacking. Victims are shown a fake pop-up or alert from what appears to be a trusted app or service. The prompt asks the user to "approve" a transaction. What the victim actually signs is a smart contract permission granting the criminal full spending authority over their wallet. Once approved, every token can be transferred and blockchain transactions are irreversible.

Unlike traditional wallet hacking or private key theft, the victim is manipulated into authorizing the theft themselves. This makes approval phishing particularly dangerous because the transaction appears legitimate on the blockchain — the victim's own wallet signed the approval. This is why proper cold storage protocols, regular approval audits, and a legally enforceable digital asset estate plan are critical for every crypto holder. Learn more about how to include cryptocurrency in your Florida estate plan.

The Pig Butchering Connection

Operation Atlantic targets organized criminal networks that run approval phishing as one layer of pig butchering, long-term investment fraud where criminals spend weeks or months building trust through fake romantic relationships before directing victims to fraudulent crypto platforms. These are syndicates running structured, multi-stage operations across international jurisdictions. Some are linked to forced labor compounds in Southeast Asia.

The DOJ has escalated its response to these networks. In November 2025, the Department of Justice launched an interagency Scam Center Strike Force specifically designed to dismantle international pig butchering operations linked to organized crime networks. Operation Atlantic builds on earlier initiatives including Project Atlas (2024, led by the Ontario Provincial Police) and Operation Spincaster, expanding the framework from investigation into real-time disruption and prevention. For game developers working with NFTs and digital tokens, understanding these fraud schemes is essential to protecting your users and your business.

How Operation Atlantic Works

The operation runs three separate teams working 16-hour shifts from hubs in San Francisco and Washington, D.C. The first team uses blockchain monitoring tools to detect previously abused approval permissions in real time, working with exchanges and private sector partners for immediate intervention. The second team focuses on identifying and warning at-risk victims before their wallets are drained. The third team coordinates recovery efforts and evidence collection for long-term prosecutorial processes. The data collected during Operation Atlantic will feed into ongoing criminal investigations after the operation concludes.

How to Protect Your Crypto Assets

• Review and revoke wallet approvals using Revoke.cash or Etherscan's Token Approval Checker. Revoke any permissions you do not recognize. This should be a regular maintenance practice.

• Move significant holdings to cold storage. Hardware wallets stored offline cannot be compromised through approval phishing. Keep them in a physically secure location.

• Never approve transactions from pop-ups. Legitimate platforms do not request wallet access via pop-ups. Always navigate directly to the platform through a bookmarked URL.

• Be suspicious of unsolicited investment approaches from dating apps, social media, or messaging platforms. Pig butchering schemes rely on building trust over weeks or months before the financial ask.

• Update your estate plan. A legally enforceable digital asset estate plan like GhostWill™ protects your crypto and ensures access for beneficiaries under Florida's Fiduciary Access to Digital Assets Act (Fla. Stat. §§ 740.001–740.10). Learn what happens to crypto after death in Florida and how to protect crypto and streaming income during incapacity.

If You Are a Victim

• Act immediately. Revoke all wallet approvals and transfer remaining assets to a new hardware wallet. Timing is critical in crypto theft.

• Document everything. Screenshot transactions, approvals, communications, and wallet addresses involved.

• Report to FBI IC3 and the FTC. For Operation Atlantic specifically, the Secret Service has set up a dedicated portal.

• Notify your bank. If bank accounts were used to fund transactions on fraudulent platforms, report this and ask about potential reversals.

• Consult a crypto attorney for civil recovery, blockchain tracing, and law enforcement coordination.

• Beware recovery scams. No legitimate recovery service requires upfront payment. Operation Atlantic officers will never offer recovery services for a fee.

Florida Law and Crypto Fraud

Florida residents who fall victim to approval phishing or pig butchering schemes have legal options under both state and federal law. The Florida Communications Fraud Act (Fla. Stat. § 817.034) covers schemes to defraud using electronic communications. Florida Statutes § 812.014 addresses theft of property including digital assets. At the federal level, 18 U.S.C. § 1343 (wire fraud) and 18 U.S.C. § 1956 (money laundering) provide the primary framework for prosecution. Additionally, Florida's Fiduciary Access to Digital Assets Act (Fla. Stat. §§ 740.001–740.10) governs how executors, trustees, and agents can access digital assets — making proper estate planning essential for every crypto holder. If you have questions about how wills and trusts interact with digital assets, we can help.

Call (407) 900-FIRM now to speak with Attorney Carolina Nunez. Offices in Winter Park and Daytona Beach. Serving Orlando, Sanford, Kissimmee, Lake Mary, DeLand, and all of Central Florida.

DISCLAIMER: This article provides general legal information about cryptocurrency fraud, approval phishing, and digital asset protection under Florida and federal law. It does not constitute legal advice and does not create an attorney-client relationship. Every situation is different — consult a qualified attorney for guidance specific to your circumstances.