{"id":11869,"date":"2026-11-09T01:38:00","date_gmt":"2026-11-09T01:38:00","guid":{"rendered":"https:\/\/blockwind.io\/sg-en\/?p=11869"},"modified":"2026-11-09T01:38:24","modified_gmt":"2026-11-09T01:38:24","slug":"police-and-crypto-firms-prevent-17-4-million-in-potential-scam-losses","status":"publish","type":"post","link":"https:\/\/blockwind.io\/sg-en\/police-and-crypto-firms-prevent-17-4-million-in-potential-scam-losses\/","title":{"rendered":"Police and Crypto Firms Prevent $17.4 Million in Potential Scam Losses"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">9<sup>th<\/sup> November, 2026<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">By Shubhii Verma<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Singapore police have disrupted scams targeting 383 people, preventing potential losses exceeding $17.4 million in a two-month operation with crypto platforms and overseas agencies.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Singapore Police Partner With Eight Crypto Platforms<\/strong> <strong><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The operation ran from September 1 to October 31 and marked the fifth joint initiative between police and digital payment token service providers. According to a police statement issued on November 5, eight platforms participated: Coinbase, Coinhako, DTCPay, Gemini, Independent Reserve, OKX, StraitsX and Upbit.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Foreign partners included the United States Federal Bureau of Investigation, the New South Wales Police Force in Australia and the Canadian Anti-Fraud Centre. Singapore\u2019s Cyber Command used blockchain analytics tools from Chainalysis and TRM Labs to identify victims.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>How Blockchain Analytics Helped Prevent Crypto Scams<\/strong> <strong><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Investigators focused on scam categories including government official impersonation, fraudulent investments and fake job offers. Participating crypto firms supplied customer information that helped officers identify individuals who might be transferring funds to scammers. Police intervened through phone calls and in-person engagements, warning targets before further money could be lost.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The operation identified 32 victims overseas, with authorities coordinating interventions across jurisdictions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Police said the results demonstrate the value of cooperation between public agencies, platforms and international partners. Cyber Command intends to widen its network and deepen information-sharing with foreign law enforcement agencies.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Blockwind News Analysis: Crypto Platforms&#8217; Role in Scam Prevention<\/strong> <strong><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The operation highlights how crypto platforms are becoming part of the frontline response to financial crime. Blockchain transactions can leave traceable records, but identifying a wallet is only one part of stopping a scam. Investigators also need timely customer information and rapid communication before victims complete transfers.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The reported $17.4 million represents potential losses prevented, not funds recovered from criminals. That distinction matters: early intervention can protect savings, but it does not mean scam networks have been dismantled or that every victim\u2019s funds are safe.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The involvement of exchanges and payment providers signals rising expectations for the digital asset industry. Platforms are increasingly expected to monitor suspicious transactions and cooperate with authorities while protecting customer data. Cross-border partnerships matter because scammers can move funds and operate across jurisdictions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Still, technology cannot replace public awareness. Impersonation, investment and employment scams often rely on urgency, trust and promises of easy returns. Users should independently verify official requests, avoid sharing wallet credentials and pause before sending funds to unfamiliar addresses.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For Singapore\u2019s crypto sector, the operation shows how cooperation can strengthen trust. Its success will depend on faster interventions, wider intelligence-sharing and enforcement that disrupts the criminal groups behind scams.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>9th November, 2026 By Shubhii Verma Singapore police have disrupted scams targeting 383 people, preventing potential losses exceeding $17.4 million in a two-month operation with crypto platforms and overseas agencies. Singapore Police Partner With Eight Crypto Platforms The operation ran from September 1 to October 31 and marked the fifth joint initiative between police and [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":11870,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[107,153,160],"tags":[],"class_list":["post-11869","post","type-post","status-publish","format-standard","has-post-thumbnail","category-all","category-crypto","category-scam"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Singapore Police Prevent $17.4M in Crypto Scam Losses<\/title>\n<meta name=\"description\" content=\"Singapore police and eight crypto platforms protected 383 potential scam victims, preventing over $17.4 million in losses through a joint operation.\" \/>\n<meta name=\"robots\" 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