Chainalysis launched a new webinar series, Chain of Thought, starting with a session on approval phishing scams. Investigators Seth DuBois and Renato Bastos detailed how these scams operate, from social engineering tactics to on-chain infrastructure. Key statistics: on-chain scams generated at least $14 billion in 2025, with average payments rising 253% YoY; AI-augmented scams were 4.5x more profitable. Approval phishing tricks victims into granting wallet access via deceptive transactions. Red flags include coached answers, security stripping, mentor dependency, and out-of-character liquidity. Chainalysis tracks these scams through data platforms like DS and has led initiatives like Operation Spincaster, which processed 7,000 leads and prevented $162 million in losses. Operation Atlantic identified 20,000 victims and froze $12 million. The article emphasizes moving detection upstream, mapping phishing infrastructure, and building in-house expertise to disrupt these schemes.

Key facts

• Approval phishing tricked victims via deceptive transactions to drain wallets.
• Chainalysis reports at least $14 billion in on-chain scams in 2025.
• AI-augmented scams were 4.5 times more profitable than traditional ones.
• Operation Spincaster processed 7,000 leads, preventing $162 million losses.
• Operation Atlantic identified 20,000 victims and froze $12 million.