Singapore Police, Crypto Exchanges Prevent $2.9 Million in Scam Losses

The Singapore Police Force (SPF) has prevented more than S$2.9 million (US$2.3 million) in potential losses after completing its third joint anti-cryptocurrency scam operation with major crypto exchanges.

Conducted between June 1 and June 30, the operation brought together the SPF's Anti-Scam Centre (ASC) and Cyber Investigation Branch (CIB) with cryptocurrency platforms including Coinbase, Coinhako, Gemini, Independent Reserve, OKX, StraitsX, and Upbit.

Using blockchain intelligence tools from Chainalysis and TRM Labs, investigators identified more than 130 scam victims linked to government official impersonation scams, investment fraud, and job scams. Timely customer information provided by participating exchanges enabled officers to intervene through phone calls and in-person visits before additional funds were transferred.

The operation also expanded beyond Singapore's borders. Authorities shared blockchain intelligence with international law enforcement partners, including the U.S. Federal Bureau of Investigation (FBI) and the Cybercrime Squad of the New South Wales Police Force, highlighting the growing importance of cross-border cooperation in tackling crypto-related fraud.

Singapore Police said the results demonstrate the value of sustained collaboration between regulators, law enforcement agencies, and digital asset service providers as scammers increasingly exploit cryptocurrencies to move illicit funds.

The police also renewed their public awareness campaign, encouraging consumers to follow its "ACT" anti-scam framework: Add security measures such as two-factor authentication and ScamShield, Check suspicious requests before transferring funds, and Tell authorities or financial institutions immediately when encountering scams.

The joint operation reflects Singapore's broader strategy of combining blockchain analytics, industry partnerships, and international intelligence sharing to detect scams early and reduce financial losses.