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Singapore police and seven crypto exchanges prevented over $2.9 million in losses for more than 130 victims in a June anti‑scam operation.
Over $2.9 million in potential losses were blocked in June after Singapore police teamed with seven cryptocurrency exchanges to identify and intervene with more than 130 scam victims [1]. The joint effort shows how rapid blockchain analytics and exchange cooperation can halt fraud before funds disappear, a model that could shape future cross‑border crypto enforcement.
| At a glance | |
|---|---|
| Victims identified | 130+ |
| Potential losses prevented | S$2.9 million |
| Operation period | June 1‑30, 2026 |
| Exchanges involved | Coinbase, Coinhako, Gemini, Independent Reserve, OKX, StraitsX, Upbit |
Police’s Anti‑Scam Centre and Cyber Investigation Branch used advanced blockchain analysis tools from Chainalysis and TRM Labs to trace suspicious flows linked to impersonation, investment and job scams [4]. Real‑time customer data supplied by the participating exchanges enabled officers to contact victims by phone and in person, stopping transactions before the funds could be moved beyond reach [1].
The Singapore Police Force shared the blockchain intelligence gathered with the U.S. Federal Bureau of Investigation and the New South Wales Police Force’s Cybercrime Squad, underscoring the transnational nature of crypto fraud and the need for coordinated law‑enforcement responses [1]. Police highlighted that proactive, intelligence‑driven operations are far more effective than reactive investigations that occur after money is lost [4].
Authorities urged the public to adopt three safeguards: enable the ScamShield app and two‑factor authentication for bank, social media and SingPass accounts; set transaction limits on internet banking services such as PayNow; and verify any requests for personal information or money transfers before acting [1].
The June operation demonstrates that swift, data‑driven collaboration between regulators and crypto platforms can materially reduce fraud losses, but the continued sophistication of scams means ongoing vigilance and cross‑border intelligence sharing will be essential.
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AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 4 outlets · Jul 15, 2026 · How we report
Cryptocurrency allows for rapid movement of funds, offers greater anonymity, and often lacks the fraud protections found in traditional banking or credit card transactions.
Warning signs include high-pressure demands for immediate payment, instructions to keep a transaction secret, and unsolicited requests to deposit cash into a cryptocurrency kiosk.
Experts recommend hanging up immediately, refusing to send funds, and independently verifying the caller's identity by contacting the organization directly through a verified phone number.