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What Is Project Atlas? $70M Saved In Global Operation Led By Ontario Police In Canada

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Investigators in Ontario, Canada, successfully thwarted the theft of more than $70 million in cryptocurrencies.

The operation, which also froze an additional $24 million in fraudulent funds, targeted a complex international fraud that victimized individuals in Canada and 12 other countries.

The Ontario Provincial Police (OPP) led the effort under a special initiative called Project Atlas, aimed at combating organized cryptocurrency fraud and recovering stolen assets.

Project Atlas: A coordinated effort to combat fraud in the cryptocurrency space

Launched by the OPP’s Cyber ​​Fraud Team last month, Project Atlas represents a proactive approach to tackling cryptocurrency-related crimes.

The operation not only prevented the theft of $70 million, but also froze $24 million in fraudulent transactions.

OPP Detective Superintendent Mike Bickerton stressed the evolving nature of these scams, saying, “Cryptocurrency investment scams continue to devastate victims in Ontario and around the world, with these crimes becoming more sophisticated every year.”

Bickerton also urged residents to educate themselves about cryptocurrency scams and share this knowledge with friends and family to help prevent further victimization.

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Canada plans to take a Bitcoin-friendly approach

Vancouver’s mayor has revealed a future vision to position the city as a leader in cryptocurrency adoption.

according to Local media reportsMayor Ken Sim wants Vancouver to become a Bitcoin-friendly city, and this may include accepting payments for city services in cryptocurrencies.

He filed a motion on December 11, 2024 asking staff to research how the city could incorporate bitcoin into its financial strategies and whether the city should invest in the cryptocurrency by transferring a “portion” of Vancouver’s financial reserves.

Pro-Bitcoin Stance: What It Means for Vancouver?

“It would be irresponsible for the City of Vancouver not to consider the merits of adding Bitcoin to the City’s strategic assets to maintain the City’s financial stability,” Sim’s proposal says.

In 2013, Vancouver became home to the world’s first Bitcoin ATM, marking a major milestone in the global cryptocurrency movement. Since then, the city has seen a steady rise in blockchain startups and cryptocurrency-related businesses.

Does Vancouver now set its sights on becoming a global leader in Bitcoin adoption?

The mayor’s pro-bitcoin stance reflects a broader recognition of the transformative potential of blockchain technology and decentralized finance (DeFi).

By embracing Bitcoin, the city aims to attract investment, foster innovation, and solidify its position as a leader in the digital economy.

Canada: Wider interest in cryptocurrency regulation and adoption

but, A spokesperson for the Ministry of Housing and Municipal Affairs said the province’s Community Charter, as well as the Vancouver Charter, do not recognize cryptocurrencies as a means of payment for “municipal services or other transactions.”

The mayor’s pro-Bitcoin stance is also in line with Canada’s broader interest in cryptocurrency regulation and adoption.

As one of the first countries to regulate cryptocurrency exchanges at the federal level, Canada has established itself as a leader in promoting a safe and transparent cryptocurrency ecosystem.

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Post What is the Atlas Project? US$70 million saved in global operation led by Ontario Police in Canada appeared first on 99Bitcoins.

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