Singapore Police and Crypto Exchanges Prevent $17.4 Million in Scam Losses

Highlights:

• Singapore police worked with major crypto exchanges to prevent over S$17.4 million in potential scam losses.
• The two-month operation identified more than 383 scam victims with help from eight cryptocurrency service providers.
• Singapore police shared blockchain data with foreign agencies and identified 32 additional scam victims in other countries.

Singapore police have worked with major cryptocurrency exchanges to prevent more than S$17.4 million in potential scam losses. The two-month operation identified over 383 victims and helped stop them from losing more money to criminals. Authorities used blockchain tracking tools and customer information from crypto platforms to identify suspicious activity and contact people at risk.

In a November 5 official statement, the Singapore Police Force (SPF) said its Cyber Command led the operation from September 1 to October 31, 2026. It marked the fifth joint effort between police and digital payment token service providers to combat cryptocurrency scams.

📢 Singapore police teamed up with centralized exchanges to freeze funds and stop losses for more than 380 scam victims. pic.twitter.com/nHpldhcrxC

— The Moon Show (@TheMoonShow) November 6, 2026

Singapore Police Work With Eight Crypto Platforms to Stop Scams

The operation brought together eight digital payment token service providers, including Coinbase, Coinhako, DTCPay, Gemini, Independent Reserve, OKX, StraitsX and Upbit. Police officers used blockchain analysis tools from Chainalysis and TRM Labs to track suspicious cryptocurrency transactions and identify possible victims. The investigation covered several types of fraud, including fake investment opportunities, job scams and criminals impersonating government officials.

The participating crypto platforms also shared customer information with investigators. Police then contacted potential victims by phone or visited them in person to warn them about the scams. According to the SPF, these interventions helped prevent more than S$17.4 million in potential losses. However, the announcement did not specify how much cryptocurrency the authorities froze or recovered during the operation.

The authorities focused on reaching victims before they transferred additional funds. In some cases, scammers convince people to make several payments rather than taking everything in a single transaction.

Singapore Expands Crypto Scam Investigation to Other Countries

Singapore police also worked with foreign law enforcement agencies to identify victims outside the country. The Cyber Command shared blockchain intelligence with the US Federal Bureau of Investigation (FBI), Australia’s New South Wales Police Force and the Canadian Anti-Fraud Centre.

Through this cooperation, investigators identified 32 victims in other countries. Local authorities could then intervene to prevent further financial losses. The SPF said cryptocurrency scams often involve transactions that move across national borders. As a result, investigators need support from foreign agencies and crypto service providers to trace suspicious transfers and reach victims quickly.

Police also plan to expand these partnerships to more countries as they continue their efforts against cryptocurrency-related fraud.

Previous Crypto Scam Operations Prevented Millions in Losses

Singapore has carried out several similar operations this year. In its September 3 announcement, the SPF reported that its fourth joint operation identified more than 355 scam victims and prevented over S$8.94 million in potential losses. That investigation ran from July 1 to August 31 and also involved eight digital payment token providers.

Earlier, a June operation helped identify more than 130 victims and prevented over S$2.9 million in potential losses. Following the latest operation, Singapore police urged the public to strengthen account security, check suspicious investment offers and report suspected fraud.