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Singapore police prevented more than $4.2 million in potential losses during a 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.
According to the report, law enforcement agencies and crypto exchanges conducted their second joint operation. Its emphasis is on preventing suspected victims from forwarding money to swindlers.
Exchanges Back Crack Down on Crypto Scams
Coinbase, Coinhako, Gemini, Independent Reserve, OKX, StraitsX, and Upbit took part in the operation.Those platforms offered customer details that brought officers into contact with potential victims in quick order.
Police used blockchain analysis tools from Chainalysis and TRM Labs during the crypto scam crackdown. These tools helped investigators trace suspicious transactions and identify victims across several fraud types.
The cases included government official impersonation scams, investment scams, job scams, and love scams. Officers used the data to intervene before losses increased.
More than 145 targeted interventions were carried out during the operation. Police contacted potential victims by phone and in person to warn them 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.
Authorities said the outcome showed the value of public-private cooperation. They said scam methods are becoming more complex and require 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 added that proactive and intelligence-driven operations remain central to cybercrime prevention.
Singapore Expands Digital Crime Enforcement
The wider enforcement 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 shows Singapore’s effort to strengthen 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 crypto scam operation.
However, police confirmed that 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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