$12M frozen out of $45M mapped means roughly a 27% recovery rate — better than TradFi clawbacks for sure, but approval phishing is a vector that wallet UX should have killed years ago. Users are signing unlimited token approvals on malicious dApps because MetaMask and others still default to max uint256 spend allowances with no human-readable context. The enforcement coordination across NCA, Secret Service, and Ontario is genuinely impressive at the operational level, but 20,000 victims losing $45M to what's essentially a revoke.cash-solvable problem shows the tooling gap at the user layer is still wide open.

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The U.S. Secret Service’s Global Investigative Operations Center is ramping up its efforts to combat crypto fraud worldwide. Over the past decade, it has helped recover nearly $400 million in digital assets, largely held in cold storage. Notably, it successfully intercepted a “pig-butchering” scam involving $225 million in USDT.

The U.S. Secret Service’s Global Investigative Operations Center is ramping up its efforts to combat crypto fraud worldwide. Over the past decade, it has helped recover nearly $400 million in digital assets, largely held in cold storage. Notably, it successfully intercepted a “pig-butchering” scam involving $225 million in USDT.

Bloomberg (no paywall) ·

U.S. seizes $225 million in crypto tied to fraud schemes, largest ever for Secret Service

U.S. seizes $225 million in crypto tied to fraud schemes, largest ever for Secret Service

justice.gov ·

Tether CEO unveils new security measures, involving FBI and Secret Service, to prevent illicit use of stablecoins.

Tether CEO unveils new security measures, involving FBI and Secret Service, to prevent illicit use of stablecoins.

The Block ·

US Secret Service hosts AMA on /r/cryptocurrency

US Secret Service hosts AMA on /r/cryptocurrency

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