Singapore Usea Blockchain Analysis to Prevent S$17.4M in Scam Losses

More than S$17.4 million in potential crypto scam losses were averted after Singapore police reached people before they transferred additional funds. The result came from a two-month operation combining blockchain analysis, exchanging customer information, and rapid police intervention, offering a model for tackling fraud before more money disappears.

How Police Identified 383 Potential Scam Victims

The Singapore Police Force said its Cyber Command identified more than 383 potential victims during the fifth joint operation, held from September 1 to October 31. Eight digital payment token providers participated: Coinbase, Coinhako, DTCPay, Gemini, Independent Reserve, OKX, StraitsX, and Upbit

Investigators used blockchain analysis tools from Chainalysis and TRM Labs to examine activity linked to government-official impersonation, investment, and job scams. Participating providers supplied timely customer information, allowing officers to connect on-chain intelligence with people who might be at risk.

Police then contacted individuals by phone and in person. Transaction analysis could flag suspicious activity, while customer data helped officers identify and reach the account holders before further transfers occurred.

Cross-Border Intelligence Sharing Uncovered More Victims

The effort also reached beyond Singapore. Cyber Command shared blockchain intelligence with the United States Federal Bureau of Investigation, Australia’s New South Wales Police Force, and the Canadian Anti-Fraud Centre.

That cooperation led to the identification of 32 foreign victims across jurisdictions. Officers and overseas partners could therefore intervene before those individuals incurred additional losses, showing why crypto investigations cannot stop at national borders.

The police described the outcome as evidence of the value of sustained public-private partnerships and timely intelligence sharing. It was the fifth operation of its kind, indicating that the approach forms part of an ongoing enforcement strategy rather than a one-off response.

Related: Nigeria Sets $11.16M Capital Requirement for Foreign Stablecoin Issuers

Can Singapore’s Early-Intervention Model Work Globally?

The operation suggests a practical framework for other jurisdictions: combine blockchain tracing, exchange-held customer records, rapid police outreach, and established channels for sharing intelligence with foreign agencies. While crypto platforms can provide clues as to where funds are flowing, investigators will need to have access to relevant information in a legal manner and act quickly.

Replication isn’t just a matter of purchasing analytics software, though. There is a need for countries to have good>Singapore’s results do not mean every scam can be stopped or every transfer recovered. The reported S$17.4 million represents potential losses averted, not funds seized or returned. Still, the operation demonstrates how coordinated action can create a narrow window to warn victims before another payment is made.