Joint operation prevents S$17.4 million in potential losses from cryptocurrency scams
In a news release on Thursday (5 Nov), the Singapore Police Force (SPF) said its Cyber Command has prevented over S$17.4 million in potential losses.
The unit led its fifth joint operation against cryptocurrency-related scams from 1 Sept to 31 Oct 2026.
For this, the Cyber Command partnered with Digital Payment Token (DPT) service providers.
These included Coinbase, Coinhako, DTCPay, Gemini, Independent Reserve, OKX, StraitsX and Upbit.
Police identify 383 victims
To identify victims across various types of scams, including government official impersonation, officers used blockchain analysis tools from Chainalysis and TRM Labs.
With timely customer information from DPT service providers, police were able to contact victims by phone or meet with them in person.
The police said it identified more than 383 victims and prevented over S$17.4 million in financial losses.
Foreigners among victims identified
The Cyber Command also shared blockchain intelligence with foreign law enforcement partners, including the United States’ Federal Bureau of Investigation (FBI).
32 foreign victims were identified across jurisdictions, allowing their respective authorities to prevent further financial loss.
The SPF said the results highlight the importance of public-private partnerships.
Additionally, it said timely intelligence sharing across borders helps fight scams.
Moving forward, the Cyber Command plans to add more partners and cooperate with more foreign law enforcement agencies to help keep the public safe.
Police urge public to “ACT” against scams
Source: SPF Website
The SPF also urged the public to “ACT” against scams:
- Add security features.
- Check for signs of a scam.
- Tell the authorities and others about scams.
For more information on fraud activities, the public can visit the ScamShield website or ring the ScamShield Helpline at 1799.
Those with information on scams can also call the Police Hotline at 1800-255-0000 or provide information through SPF’s i-Witness portal.
The police said it will keep all information strictly confidential.
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Featured image adapted from Leeloo The First on Pexels. For illustration purposes only.