Singapore authorities, in collaboration with major cryptocurrency exchanges and international law enforcement, have successfully prevented over 383 victims from losing more than $17.4 million to crypto scams. The two-month operation, which concluded on October 31, was the fifth joint effort targeting crypto-related fraud. Led by the police’s Cyber Command team, the initiative involved key players like Coinbase, Coinhako, and OKX, among others.
Using advanced blockchain analysis tools from Chainalysis and TRM Labs, the team identified victims across various scams, including impersonation, investment, and job scams. The operation also benefited from customer data provided by the participating exchanges, enabling targeted interventions. The crackdown extended internationally, with intelligence shared with agencies like the FBI and Australia’s New South Wales Police Force, leading to the identification of 32 foreign victims.
The police emphasized the critical role of public-private partnerships and cross-border intelligence sharing in combating scams. They plan to expand their network of partners and deepen cooperation with foreign law enforcement. This follows a previous operation in September, which prevented over 355 victims from losing $8.94 million. The public is encouraged to report scams through the police hotline or the ScamShield Helpline.