In a determined effort to combat the rising tide of cryptocurrency scams, Singapore’s Anti-Scam Centre and Cyber Investigation Branch have successfully thwarted over $7 million in potential losses through two back-to-back operations. This initiative saw cooperation between law enforcement and some of the world’s leading crypto exchanges, effectively intercepting scams before victims could lose their funds.
The second operation, which took place from April 16 to May 31, 2026, involved prominent exchanges including Coinbase, Coinhako, Gemini, Independent Reserve, OKX, StraitsX, and Upbit. Key to this operation were blockchain analytics firms Chainalysis and TRM Labs, which provided the investigative tools necessary to trace suspicious wallet movements across various scam types. These included government impersonation schemes, fake investment platforms, job scams, and romance fraud.
Tracing the Scammers
Thanks to the advanced tracking capabilities provided by blockchain technology, authorities were able to conduct over 145 targeted interventions. These interventions were executed through both phone outreach and direct visits to potential victims. The timely cooperation of the exchanges, which provided customer information, allowed investigators to intervene before any additional transfers were made.
The First Operation’s Impact
Prior to this operation, Singapore had conducted a pilot version from March 16 to April 15, 2026, which successfully intercepted approximately $2.86 million. The combined results of both operations now total over $7 million in blocked losses, marking a significant achievement in the ongoing battle against cryptocurrency fraud.
Officials from the Singapore Police Force emphasized the importance of public-private partnerships in this fight against scams. They stated, “The outcome of the second operation reaffirms the importance of sustained public-private partnerships in the fight against scams.” This collaboration underscores how crucial it is for law enforcement and the crypto sector to work together in order to protect consumers.
Wider Measures Against Digital Crime
This crackdown is part of a broader initiative in Singapore aimed at enhancing cybersecurity and tackling digital crime. In May 2026, the government announced the formation of a dedicated Cyber Command unit set to commence operations in July. This unit will focus on cybercrime investigations, scam disruption, and tracking cryptocurrency-related criminal activities.
Moreover, Singapore’s regulatory landscape is becoming increasingly stringent. Recently, prosecutors charged Zhu Juntao, the former CEO of the collapsed crypto lender Hodlnaut, over alleged false disclosures related to the 2022 Terra ecosystem collapse.
Authorities have noted that the combination of blockchain intelligence and real-time coordination with exchanges has proven to be a reliable method for identifying and preventing scams early on, thereby minimizing financial damages. The outcomes of these operations were officially reported on June 2, 2026, showcasing Singapore’s commitment to safeguarding its citizens from digital fraud.
Featured image from Pexels, chart from TradingView
