The “Operation Spincaster” Success (August 2024 – 2025)

In a massive international effort involving Chainalysis and police departments across six countries, a major crackdown was launched against “Approval Phishing” scams.

  • The Scam: Scammers tricked victims into signing a transaction that gave the attacker permission to spend tokens from the victim’s wallet.
  • The Recovery: During a series of “operational sprints,” investigators identified over $162 million in stolen funds. By working directly with stablecoin issuers like Tether, they were able to freeze thousands of accounts. In one specific instance, a victim in the UK had $1.2 million returned after the stolen USDT was frozen just hours after the theft.

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