Singapore Police and Crypto Exchanges Launch Joint Operation Against Scam-Linked Accounts

Singapore authorities escalated their push against crypto-linked crime through a coordinated enforcement action involving the Singapore Police Force (SPF) and cryptocurrency exchanges, including Coinbase, Coinhako, Gemini, Independent Reserve, StraitsX, and Upbit. Supported by blockchain analytics firms Chainalysis and TRM Labs, the operation targeted scam-related digital asset flows, detecting over 90 victims and preventing over $2.86 million in losses during a one-month campaign. The collaboration enabled faster tracing of transactions and identification of scam victims before further losses occurred. The operation focused on investment scams, job scams, romance scams, and government impersonation scams. Authorities emphasized the importance of continued vigilance and coordination to disrupt scammers' use of cryptocurrencies for cross-border fraud.