Singapore Police and Exchanges Stop $8.94 Million Crypto Scam Losses
A joint operation between the Singapore Police Force's Cyber Command and digital payment token service providers has prevented more than 355 victims from losing $8.94 million to cryptocurrency scams in July and August.
The fourth anti-cryptocurrency scam operation took place from July 1 to August 31, with participating DPT service providers including Coinbase, Coinhako, DTCPay, Gemini, Independent Reserve, OKX, StraitsX, and Upbit.
Police officers conducted advanced blockchain analysis using tools from Chainalysis and TRM Labs to identify victims of different types of scams, including government officials impersonation, investment, and job scams.
The operation also involved the sharing of blockchain intelligence with foreign law enforcement counterparts, including the US Federal Bureau of Investigation and the Cybercrime Squad New South Wales Police Force, which led to the identification of 50 overseas victims.