Captain Yuri Watanabe rose through the ranks with Jean DeWolff and under Captain George Stacy. Years later, she was on the scene to make arrests at a known bar occupied by supervillains, that had been broken up by Spider-Man and Daredevil. She later investigated a gangwar between the Maggia (which had Mysterio pulling the strings of a Silvermane robot) and Mr.Negative's Inner Demons. She was also on the scenes of Phil Urich as the new Hobgoblin's latest attacks, including the attack on Horizon Labs.
Yuri subsequently engaged in a hostage stand-off between the madman known as Massacre. Massacre then blew up the west wing of the bank, killing seven of the hostages. After Spider-Man was struck by a bullet, she helped get him to safety. She and Spider-Man allowed Massacre to get away so he wouldn't hurt of kill anymore hostages. Spider-Man unfortunately forgot his spider-sense couldn't track the tracer her put on Massacre (he'd recently lost it) and the trail went cold for Spidey and the NYPD. When Massacre struck later, Captain Watanabe was taken off the case under orders from Mayor J.Jonah Jameson, who'd wanted Massacre taken out for the senseless violence and death he'd caused. Massacre's method's later led Watanabe to feel she had to up her game in order to contend with the more violent, dangerous criminals, which would lead to her adopting her own crime fighting identity.
Later, Yuri adopted the identity of the Wraith, using Mysterio equipment, including a mask of Jean DeWolff he intended to use later, and Mr.Fear's fear gas. She had acquired these items from an evidence room at police headquarters after an old pumpkin bomb "accidentally" went off and seemingly destroyed the equipment. She used the Wraith identity and Jean DeWolff mask, as well as the fear gas, to fight crime and scare criminals into confessions. This (and the smoke emitting equipment of Mysterio's) helped convey her as a spirit of vengeance back from the grave to terrorize the New York City criminal underworld.
She later ran afoul of Anti-Venom, who, back when he was just ordinary reporter, Eddie Brock, seemingly exposed Jean DeWolff's real killer, the Sin-Eater's true identity (The expose was later proven false, and caused Eddie's downward spiral that led to his becoming the original Venom). Anti-Venom was stunned by the seeming revelation that Jean DeWolff really wasn't dead, and allowed her to escape in his confusion during a battle with Mr.Negative's thugs.
Later, at a museum heist orchestrated by Mr.Negative, Yuri as the Wraith teamed up with Spider-Man and Anti-Venom to shut their operation down. In the process, she used her costume's facial recognition tech to run a match on who Mr.Negative really was, and the result accurately came up Martin Li. Thus, Li was exposed for the master criminal he truly is, as the mask broadcast its findings to every TV, computer, and smart phone in range of broadcast.
With Li forced to flee and the heist foiled, Carlie Cooper later revealed to Yuri at the crime scene that she'd been tracking Captain Watanabe with her phone, which she'd placed into Watanabe's pocket at an earlier time. This helped Cooper piece together that the new Wraith and Watanabe were one and the same. She refused to reveal who Watanabe really was, since she felt the Wraith/Watanabe was one of the good guys, and because Mr.Negative might come after her for revenge should her secret get out. Little did they know that Spider-Man was nearby, monitoring their whole conversation. Cooper suggested Watanabe and the Wraith disappear for a while, to which she agreed. Whether she actually follows Cooper's advice or not remains to be seen.