Singapore Police Intervene in Landmark Operation to Block $2.86 Million in Fraudulent Crypto Transfers

The SPF saved 90 victims from losing $2.86 million in a first-ever joint operation with crypto exchanges. Learn how blockchain analytics stopped the fraud.

By: AXL Media

Published: Apr 24, 2026, 8:05 AM EDT

Source: Information for this report was sourced from The Straits Times

Advanced Blockchain Analytics Thwart Large Scale Fraud

The Singapore Police Force (SPF) has concluded a month-long operation that successfully intercepted more than $2.86 million in potential losses for 90 local scam victims. Beginning on March 16, the Anti-Scam Centre (ASC) and the Cyber Investigation Branch (CIB) deployed sophisticated tracking tools from TRM Labs and Chainalysis to monitor suspicious transactions in real time. This initiative allowed officers to identify individuals who were being targeted by a variety of fraudulent schemes, including those involving job offers, romantic interest, and the impersonation of government officials, before their digital assets were permanently moved beyond reach.

Unprecedented Partnership With Major Digital Asset Exchanges

The success of the operation hinged on a landmark partnership between law enforcement and a coalition of prominent cryptocurrency exchanges. Platforms including Coinbase, Coinhako, StraitsX, Gemini, Independent Reserve, and Upbit participated in a rapid information exchange protocol that allowed for the immediate identification of at-risk accounts. According to a news release from the police, this level of private-sector cooperation represents a significant tactical shift in Singapore’s anti-scam strategy, leveraging the technical infrastructure of the exchanges to facilitate swift intervention and victim notification.

The Resilience of Cryptocurrency Losses in the Fraud Landscape

While overall scam losses in Singapore saw a decline of 17.9 percent in 2025, falling to approximately $913.1 million from the previous year’s $1.1 billion, cryptocurrency remains a persistent challenge for investigators. In 2025 alone, digital asset fraud accounted for $182.2 million, representing roughly 20 percent of the total financial damage reported to authorities. Scammers continue to favor these assets due to their irreversible nature and the difficulties associated with cross-border traceability, which often makes traditional asset recovery methods ineffective once a transaction is confirmed on the blockchain.