Singapore authorities have successfully intercepted more than $4.2 million in potential losses following a large-scale joint enforcement operation in collaboration with several major cryptocurrency exchanges.
According to the official report released by the Singapore Police Force (SPF) on June 2, the operation was carried out between April 16 and May 31, 2026. Spearheaded by the SPF’s Anti-Scam Centre (ASC) and Cyber Investigation Branch (CIB), the initiative brought together law enforcement agencies and leading crypto platforms, including Coinbase, Coinhako, Gemini, Independent Reserve, OKX, StraitsX, and Upbit, to identify victims and disrupt ongoing scam activities before funds could be lost.
Blockchain analysis helped identify victims
Authorities said investigators leveraged advanced blockchain analytics tools provided by Chainalysis and TRM Labs to track suspicious cryptocurrency transactions and uncover victims across multiple scam categories.
The operation targeted a range of fraud schemes, including government official impersonation scams, fake investment schemes, job scams, and romance and love scams.
Using blockchain intelligence, officers were able to trace suspicious wallet activity and conduct more than 145 targeted interventions, both over the phone and through in-person visits. The participating exchanges assisted by providing timely customer information, allowing authorities to contact victims before additional transfers were made.
The Singapore Police Force said the operation demonstrates the growing importance of collaboration between law enforcement and the cryptocurrency industry. “The outcome of the second operation reaffirms the importance of sustained public-private partnerships in the fight against scams,” the police said in the statement.
Authorities noted that as crypto-related fraud becomes increasingly sophisticated, combining investigative capabilities with blockchain analytics and exchange cooperation has become one of the most effective ways to detect scams early and reduce financial harm.
Singapore broader war on crypto crime
This latest enforcement action builds upon an earlier pilot operation conducted between March 16 and April 15, 2026, which similarly leveraged blockchain monitoring to intercept roughly $2.86 million in stolen funds. Combined, the two operations have safeguarded over $7 million, proving the viability of public-private intervention models.
The successful crackdown also coincides with a broader tightening of Singapore’s digital asset regulatory environment. In May 2026, Singapore announced the launch of a dedicated Cyber Command unit. Scheduled to begin operations in July 2026, this division will focus on cybercrime investigations, scam disruption efforts, and cryptocurrency-related crime tracking.
Furthermore, the city-state has intensified its prosecution of corporate malfeasance within the Web3 sector. Last week, Singapore prosecutors charged Zhu Juntao, the former CEO of collapsed crypto lender Hodlnaut, over allegations related to false disclosures concerning the collapse of the Terra ecosystem in 2022.
The latest operation demonstrates how blockchain analytics is increasingly becoming a critical tool in combating crypto-related fraud. While scammers continue to exploit digital assets for illicit activities, law enforcement agencies are improving their ability to trace transactions and intervene before victims suffer significant losses.
Also read: Ethereum to Build Its “Quantum Shield” for Next Era of Crypto
