June 5, 2026
By Anjali Kochhar
The Singapore Police Force (SPF) has successfully prevented more than $4.2 million in potential cryptocurrency scam losses over a six-week operation by leveraging blockchain analysis tools and collaborating with major crypto exchanges.
How Singapore Police Prevented $4.2 Million in Crypto Scams
According to authorities, the operation involved seven cryptocurrency exchanges, including Coinbase and Gemini, alongside blockchain intelligence firms. The initiative focused on identifying and protecting individuals who were at risk of transferring funds to fraudulent schemes.
During the operation, police officers conducted more than 145 targeted interventions involving victims linked to various scam categories. These included government impersonation scams, investment fraud, job scams, and romance-related scams. Authorities contacted potential victims before transactions could be completed, helping to stop losses before funds reached scammers.
The effort marks a significant increase in effectiveness compared to a previous operation, which protected approximately $2.86 million and assisted more than 90 victims. In the latest campaign, the number of protected victims rose to 145, highlighting the growing role of technology and industry cooperation in combating crypto-related crime.
Role of Blockchain Analytics and Industry Partners
A key factor behind the operation’s success was the use of advanced blockchain analytics tools provided by Chainalysis and TRM Labs. These platforms enabled investigators to trace suspicious cryptocurrency transactions and identify individuals who appeared to be at risk of becoming scam victims.
By analysing blockchain data in real time, authorities were able to act more quickly and accurately, allowing officers to intervene before funds were transferred. The collaboration between law enforcement, crypto exchanges, and blockchain intelligence firms demonstrates how public-private partnerships can strengthen defences against increasingly sophisticated financial crimes.
Types of Scams Targeted in the Operation
Beyond enforcement efforts, Singapore Police continue to emphasise public awareness and education as critical tools in preventing scams. Authorities have promoted their “ACT” anti-scam framework, which encourages residents to add security measures, check for warning signs, and tell authorities or trusted contacts if they suspect fraudulent activity.
The SPF has also urged the public to install the ScamShield app and set transaction limits on financial accounts to reduce the risk of significant losses.
While cryptocurrency adoption continues to grow globally, Singapore’s latest operation highlights how blockchain analysis, industry collaboration, and public education can work together to create a stronger defence against digital asset scams and protect consumers from financial harm.
