Singapore Police’s fifth joint operation recovers over SGD 17.4 million in crypto scam losses.
9 minutes ago
According to The Straits Times, Singaporean police announced that their fifth joint crackdown with multiple digital payment token service providers and foreign law enforcement agencies, carried out between September 1 and October 31, helped more than 383 victims avoid losses exceeding SGD 17.4 million in crypto-related fraud funds. The operation was led by the Police’s Cyber Security Command, with partners including Coinbase, Coinhako, DTCPay, Gemini, Independent Reserve, OKX, StraitsX, and Upbit. It leveraged on-chain analysis tools from Chainalysis and TRM Labs, plus customer data from trading platforms, to conduct phone and on-site interventions against scams such as official impersonation, investment fraud, and job fraud. For cross-border efforts, the Cyber Security Command shared intelligence with the U.S. Federal Bureau of Investigation, Australia’s New South Wales Police Force, and the Canadian Anti-Fraud Centre, identifying 32 overseas victims and intervening before they suffered further losses. Police noted they will continue to expand public-private partnerships and cross-border intelligence sharing. The fourth round of operations announced in September had previously helped over 355 people avoid losses of approximately SGD 8.94 million.
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