Singapore Police and Crypto Exchanges Prevent $4.2 Million in Potential Scam Losses

Highlights:

• Singapore police and seven crypto exchanges protected over 145 potential scam victims during a six-week operation.
• Authorities used blockchain analysis and exchange customer data to identify victims before suspicious transfers were completed.
• The joint effort prevented more than $4.2 million in possible losses and supported early scam intervention.

Singapore police and seven cryptocurrency exchanges helped protect more than 145 potential scam victims and prevented over $4.2 million in possible losses during a six-week joint operation. The effort used blockchain analysis and customer information from trading platforms to identify people before they sent funds to suspected scammers.

The Singapore Police Force announced the results on June 2. Its Anti-Scam Centre and Cyber Investigation Branch carried out the operation from April 16 to May 31 with Coinbase, Coinhako, Gemini, Independent Reserve, OKX, StraitsX and Upbit. Coinbase Singapore later discussed the operation in a July 10 post on X. The exchange said, “Together, we stopped 145+ people from losing a combined $4.2M+ to scams.”

Trust is the foundation we build on at Coinbase.

Over the past 6 weeks, Coinbase worked closely with the @SingaporePolice Anti-Scam Centre and Cyber Investigation Branch on a joint anti-scam operation. Together, we stopped 145+ people from losing a combined $4.2M+ to scams.… pic.twitter.com/0ITF2Z3FNL

— Coinbase Singapore 🛡️ (@CoinbaseSG) July 10, 2026

Blockchain Tools Help Police Identify Potential Victims

Investigators used blockchain analysis tools provided by Chainalysis and TRM Labs. These tools allow investigators to follow transactions recorded on public blockchain networks and find activity linked to suspicious wallets.

Police used the transaction data to identify people who may have been targeted by several types of fraud. The cases included government official impersonation scams, fake investment schemes, job scams and love scams. However, wallet addresses alone do not always reveal who controls an account. The participating crypto exchanges therefore provided customer information that helped police connect suspicious activity with users who could be contacted.

Officers then carried out more than 145 targeted interventions by phone and through in-person visits. According to the police, the cooperation allowed them to reach potential victims before the funds were lost. The operation also showed how public agencies and regulated crypto platforms can combine different forms of information. Police can trace suspicious transfers across blockchain networks, while exchanges can identify customers connected to accounts on their platforms.

Singapore Police Stress Public-Private Cooperation

The Singapore Police Force said the operation showed the value of continued cooperation between law enforcement and private companies. It added that scams are growing in both scale and complexity, making early detection and fast intervention increasingly important.

Authorities said they would continue working with cryptocurrency exchanges and other private-sector partners to combat cybercrime. The police described their approach as proactive and intelligence-driven, with the main goal of reaching victims before scammers receive their money.

The police also urged the public to follow its “ACT” approach. The guidance asks people to add security features, check for warning signs and tell the authorities or others about suspected scams. Recommended protections include two-factor authentication, the ScamShield application and limits on internet banking transactions. People should also verify requests for money or personal details, check online listings and pause before transferring funds.

“Take the time to pause and check,” the police advised. It also warned people to be cautious when an offer appears too good to be true. The operation focused on prevention rather than recovering funds after a completed scam. By combining blockchain tracking, exchange records and direct police contact, the participating organizations were able to intervene before potential losses grew.