Singapore anti-scam operation averts over $4.2 million in losses

Singapore Police and seven cryptocurrency platforms, including Coinbase, OKX and Upbit Singapore, intervened to prevent more than 145 potential scam victims from losing over $4.2 million in a six-week operation from April 16 to May 31. The effort, coordinated by the Singapore Police Force’s Anti-Scam Centre and Cyber Investigation Branch, used blockchain analytics tools from Chainalysis and TRM Labs to identify suspected fraud in real time and stop transfers before they were completed. Authorities said the campaign targeted scams including government impersonation, investment, job and romance fraud. A third operation in June later safeguarded another $2.9 million for more than 130 victims, bringing the combined amount protected across the two operations to more than $7 million.