Approval phishing scams have drained $1bn of cryptocurrency from victims since May 2021. The scams trick targets into signing malicious blockchain transactions, allowing scammers to steal tokens from victims' wallets. Romance scam techniques are often used to convince victims to sign these transactions. The losses from approval phishing scams could be even higher, as romance scams are typically underreported. To tackle this threat, crypto compliance teams should educate users about the scam, monitor the blockchain for suspected consolidation wallets, and freeze funds or report to law enforcement when suspect wallets move funds.

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https://www.infosecurity-magazine.com/news/approval-phishing-crypto-victims/