Regulators and law enforcement agencies across the United States, United Kingdom, and Canada have joined forces to combat the growing threat of cryptocurrency approval phishing scams.
The joint operation aims to dismantle networks that use sophisticated tactics to trick users into granting malicious wallet approvals, ultimately draining their digital assets.
Data from a blockchain security platform shows that crypto phishing attacks resulted in losses of $83.85 million across over 106,000 victims in 2025. While the numbers remain significant, this represents an 83% decline compared to the $494 million lost in 2024.
Experts attribute the drop in losses to stronger enforcement, improved wallet security tools, and growing awareness among cryptocurrency users. However, authorities warn that phishing tactics are constantly evolving, urging traders and investors to exercise caution when approving smart contracts or connecting wallets to unknown platforms.