The U.S. seized $225 million from Scammers. Who gets it back?

1. FROM MY DESK

Getting scammed can feel like the end of the story. For hundreds of victims who lost money to crypto fraud, it turned out to be just the beginning. Our reporting follows the extraordinary steps some victims took to track down their money—and the new fight they faced after the U.S. government seized $225 million in crypto linked to an alleged scam operation. The government says the funds could eventually go to victims. But figuring out who gets what has become a complicated legal battle, underscoring a harsh reality: Even when stolen money is found, getting it back can be another ordeal entirely.

This is an edition of The 10-Point newsletter, a guided tour of the best coverage in The Wall Street Journal. If you’re not subscribed, sign up here. If you’re reading this in your inbox, tap the headline above for online and audio versions of this newsletter.

2. TODAY’S HEADLINES

President Trump capped off the first day of the Republican Party convention with a pledge to pay American adults $5,000 if the GOP keeps control of Congress in November. Read five takeaways from the event.Top White House advisers have raised privately with Trump the prospect that the Iran war could drag on through the remainder of his term. For its part, Iran is increasingly trying to escalate the conflict.A proposed Trump administration overhaul of the 2030 census would drop race and ethnicity questions and restrict how immigrants are counted when census results are used for allotting congressional seats.The deadly Amazon cargo-flight crash has brought attention to a little-known cargo carrier—21 Air—and its well-known owner, Jim Crane, the logistics magnate and owner of the Houston Astros.Rhode Island Gov. Dan McKee was soundly defeated in his state’s Democratic primary, making him the first sitting U.S. governor to lose a primary contest in nearly a decade.A growing chorus of AI researchers say the technology could wipe out humans—even if all the bots want to do is fill the world with paper clips. Here’s what to know.

3. LIVE FROM THE MARKETS

📈 Follow our live financial coverage all day.

A drone company backed by Blackwater founder and Trump ally Erik Prince is buying one of Ukraine’s leading makers of battlefield robots.The Texas Stock Exchange is close to winning its first major listing from New York.Beyond the eyebrow-raising details in SoftBank-backed SB Energy’s filing, a simpler observation makes this IPO unusual, writes Jinjoo Lee.

4. READ IT HERE FIRST

Mississippi fixed its schools. Other states can too.

With reading and math scores sagging across the country, Mississippi stands out as a rare education success story. Once near the bottom of national rankings, the state transformed its public schools by passing the 2013 Literacy Based Promotion Act, anchoring instruction in the “science of reading”—including phonics, mandatory teacher coaching and early reading screening. Skeptics question whether states with powerful teachers’ unions can replicate Mississippi’s playbook. But as education advocate Rachel Canter writes, the state’s dramatic turnaround proves evidence-based literacy can succeed anywhere.

5.

Our personal tech columnist shares her first impressions of the new folding iPhone Duo.

Columnist Nicole Nguyen didn’t think folding phones were for her. She’s tested Android versions from Samsung and Google since 2019, finding that early editions came with too much screen and too many compromises. After trying the half-phone, half-tablet hybrid at Apple Park, however, she found Apple’s hardware and software trickery made up for basic design shortcomings. While she isn’t ready to recommend the Duo—which ships on Oct. 23—until testing it fully, her desire for a folding phone went from zero to a lot more than zero. In her latest column, Nicole shares three key revelations from her hands-on experience with the device.

Read our guide for shopping the new iPhone lineup without losing your mind.

6. SEE THE STORY

Two retirees pulled off a custom-built home for under $1 million.

These days, it’s more and more difficult to build a new home—especially one that’s custom-designed by an architect—for less than seven figures. But after an unsuccessful search in North Carolina’s Research Triangle for a house that fit their style, Manuela Eilert and Norbert Hiller decided to build from scratch. They managed to pull off a modern, 1,650-square-foot custom build—complete with a personal yoga studio—for roughly $700,000, plus $200,000 for the land. We take you inside.

7. HAPPENING TODAY

U.S. Open women’s singles semifinals.Economic data: The Labor Department releases the August producer-price index.Earnings: Oracle, Adobe, Macy’s📰 Today’s paper

8. THE NUMBER

The razor-thin margin that could determine whether the Federal Reserve raises interest rates next week. Ahead of Friday’s crucial consumer-price index report, Fed officials have been divided over whether borrowing costs are high enough to bring inflation down to their 2% target. With economists expecting core August prices rose 0.2%, a swing of just a 10th of a percentage point could be the difference between forcing the Fed to raise rates and giving the central bank cover to pause.

9. AND FINALLY…

Alaska’s Senate race pits Dan Sullivan against… Dan Sullivan.

Like a lot of retirees, Dan Sullivan talks of downsizing and spending more time somewhere warm. The 69-year-old also contemplates a new activity: becoming a U.S. senator, by booting out another Dan Sullivan who has held that job for 12 years. Dan J. Sullivan Jr.’s sudden interest in high office has created a conundrum for 61-year-old Republican Sen. Dan S. Sullivan, who is waging a close battle with Democratic challenger Mary Peltola.

10. BEYOND THE NEWSROOM

The WSJ Tech: California event returns to Napa Valley Nov. 3-4. We’ll explore the latest tech industry news with NASA administrator Jared Isaacman, Ford CEO Jim Farley, Zoox CEO Aicha Evans and more. If you’re interested in attending, request an invitation.Opinion: Trump’s Minneapolis surge is looking worse all the time. Federal prosecutors have accused an ICE agent in January of shooting through the front door of a home with two toddlers inside and lying about it to the FBI.WSJ | Buy Side: Beat average interest rates with one of the top high-yield savings accounts.

ABOUT US

The 10-Point is your guide to The Wall Street Journal’s reporting and analysis you can’t get anywhere else. Your subscription makes our journalism possible.

Today’s newsletter was curated and edited by Morgan Smith and Gary Mitchell in collaboration with Editor in Chief Emma Tucker. Got a tip for us? Here’s how to submit.