Singapore police avert S$17.4 million in cryptocurrency scam losses

The Singapore Police Force Cyber Command successfully prevented over S$17.4 million in potential cryptocurrency scam losses during a two-month operation conducted between September 1 and October 31. Using blockchain analysis tools from Chainalysis and TRM Labs, investigators identified more than 383 potential victims of investment, job, and government-official impersonation scams.

The operation involved collaboration with eight digital payment token providers, including Coinbase, Gemini, OKX, and Upbit, which provided timely customer information to help officers reach at-risk individuals before further funds were transferred.

International cooperation with the FBI, Australia’s New South Wales Police Force, and the Canadian Anti-Fraud Centre enabled the identification of 32 foreign victims across multiple jurisdictions, allowing for interventions before additional losses occurred.