Singapore Police and Crypto Exchanges Block $4.2M in Scam Losses

Singapore police prevented more than $4.2 million in potential losses during a coordinated crypto scam operation with major digital asset exchanges. The Anti-Scam Centre and Cyber Investigation Branch ran the operation from April 16 to May 31, 2026. It marked the second joint effort between law enforcement and crypto exchanges, focused on stopping suspected victims from wiring funds to swindlers.

Exchanges Back Crackdown on Crypto Scams Coinbase, Coinhako, Gemini, Independent Reserve, OKX, StraitsX, and Upbit took part in the operation. Those platforms handed over customer details that let officers reach potential victims quickly. Turns out Know Your Customer data is also useful for Know Your Scammer.

Police leaned on blockchain analysis tools from Chainalysis and TRM Labs during the crackdown. Those tools helped investigators trace suspicious transactions and flag victims across several fraud categories.

The cases spanned government official impersonation scams, investment scams, job scams, and love scams. Officers used the data to intervene before losses ballooned.

More than 145 targeted interventions were carried out during the operation. Police contacted potential victims by phone and in person, urging them to pump the brakes before funds were transferred.

The exchanges played a direct role in the response. Their timely support allowed officers to reach people who appeared at risk of losing money to a polished pitch and a PDF brochure.

Authorities said the outcome underscored the value of public-private cooperation. They added that scam methods are growing more complex and demand faster coordination between police and industry partners.

The Singapore Police Force said it will continue working with crypto exchanges and other private sector partners. The agency noted that proactive, intelligence-driven operations remain central to cybercrime prevention.

Singapore Expands Digital Crime Enforcement The wider push also includes a new Cyber Command unit. Singapore announced the unit in May 2026, and it is scheduled to begin operations in July. The unit would handle cybercrime investigations, scam disruption, and cryptocurrency-related crime tracking. Its creation reflects Singapore's effort to harden its response to online financial crime.

The city-state has also taken action against corporate misconduct in the crypto industry. Prosecutors charged Zhu Juntao, former CEO of collapsed crypto lender Hodlnaut. The charge was linked to alleged false disclosures connected to the 2022 Terra ecosystem collapse. That case is separate from the latest scam operation.

Police confirmed the anti-scam operation was officially reported on June 2, 2026. Authorities said blockchain intelligence and real-time exchange coordination helped detect suspected scams before losses expanded.

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