Crypto scammers shift tactics to approval phishing

Chainalysis reports a surge in crypto romance scams using approval phishing, with $374 million in suspected stolen crypto in 2023.

Approval phishing, a newer scam method, deceives victims into authorising transactions that give scammers access to their crypto wallets.

The trend marks a shift from traditional slow-burn romance scams where victims are lured into fake investment schemes over time.

This method rapidly drains funds from victims' wallets by merely convincing them to sign a single transaction.

Chainalysis notes that romance scams are often underreported, suggesting actual figures could be higher, with one address profiting $44.3 million from victims.