SINGAPORE: The Singapore Police Force’s Anti-Scam Centre (ASC) and Cyber Investigation Branch (CIB) have prevented more than S$2.9 million in potential losses through their third intensive anti-cryptocurrency scam operation, conducted throughout June 2026 in partnership with seven cryptocurrency exchanges and two foreign law enforcement agencies.
According to the Singapore Police Force, the operation, which ran from June 1 to 30, saw officers collaborate with Coinbase, Coinhako, Gemini, Independent Reserve, OKX, StraitsX and Upbit to identify and intervene before victims could lose their funds.
How the operation worked
Using advanced blockchain analysis tools from Chainalysis and TRM Labs, officers tracked suspicious cryptocurrency flows across multiple scam typologies, including government official impersonation scams, investment scams, and job scams. Timely customer information provided by the participating exchanges helped officers identify over 130 victims, who were then contacted through a combination of phone calls and in-person interventions before losses could be sustained.
The speed and precision of the interventions, enabled by the combination of blockchain analytics and real-time exchange cooperation, allowed officers to act before funds were irretrievably transferred out of reach.
Intelligence shared with FBI and NSW Police
Recognising that cryptocurrency scams rarely respect national borders, SPF expanded the scope of the operation beyond Singapore by sharing blockchain intelligence derived from the operation with the Federal Bureau of Investigation (FBI) and the Cybercrime Squad of the New South Wales Police Force.
The cross-border intelligence sharing shows a key feature of modern cryptocurrency scam enforcement: the same blockchain trail that connects a victim in Singapore to a scammer can often reveal connections to victims and syndicates in other jurisdictions. By sharing that intelligence early, SPF and its foreign partners can act in a more coordinated and timely manner against transnational syndicates.
Why this approach is working
The outcome of the third operation makes the case a great example to support sustained public-private partnerships as a core enforcement strategy against cryptocurrency scams. Traditional reactive policing, which is when investigation happens after money has been lost, is significantly less effective against these crimes, where funds can be moved and obscured within minutes. The combination of proactive blockchain analysis, exchange cooperation, and swift victim intervention addresses that challenge directly.
SPF said it will continue working closely with cryptocurrency exchanges, foreign law enforcement agencies, and other stakeholders to combat cybercrime and remains committed to proactive, intelligence-driven operations.
What the public can do
SPF is urging the public to A.C.T. against scams through three steps: 1.) Add security features such as the ScamShield app, two-factor authentication for bank, social media and SingPass accounts, and transaction limits for internet banking, including PayNow; 2.) Check for signs of a scam by asking questions, fact-checking requests for personal information or money transfers, and verifying the legitimacy of online listings, remembering that if something seems too good to be true, it probably is; and 3.) Tell the authorities and others by reporting to the bank, ScamShield, or filing a Police report, and flagging suspicious pages or accounts to the relevant platforms.
For more information on scams, visit www.scamshield.gov.sg or call the ScamShield Helpline at 1799. Anyone with information on scam activities can call the Police Hotline at 1800-255-0000 or submit information at www.police.gov.sg/i-witness. All information will be kept strictly confidential.
Follow Google News
Join us on WhatsApp
Follow us on Telegram