Police and crypto exchanges prevent $17.4 million in fraud losses
Headline and summary by local AI
Singapore police and digital payment token service providers stopped more than 383 victims from losing over $17.4 million to cryptocurrency scams during a two-month crackdown.
The Cyber Command team led the operation from September 1 to October 31. They worked alongside several cryptocurrency exchanges, including Coinbase, Coinhako, DTCPay, Gemini, Independent Reserve, OKX, StraitsX, and Upbit. Authorities used blockchain analysis tools from Chainalysis and TRM Labs to track fraud involving investment scams, job scams, and individuals impersonating government officials.
The participating service providers shared customer information with officers to facilitate direct interventions. These actions included reaching out to potential victims through phone calls and in-person visits to stop the transactions before funds were lost. The operation also involved international cooperation with the FBI, the New South Wales Police Force in Australia, and the Canadian Anti-Fraud Centre. This cross-border sharing of blockchain intelligence helped identify 32 foreign victims.
The police plan to expand their network of partners and deepen cooperation with foreign law enforcement agencies to continue these efforts.
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