Singapore Police, Crypto Exchanges Prevent $4.2M in Scam Losses, Coinbase Helps Reach 145+ Victims
The Singapore Police Force, in collaboration with major cryptocurrency exchanges, prevented over $4.2 million in potential scam losses by identifying and contacting more than 145 potential victims before funds were transferred. The operation, which ran from April 16 to May 31, 2026, involved the Anti-Scam Centre and Cyber Investigation Branch, along with Coinbase and six other exchanges: Coinhako, Gemini, Independent Reserve, OKX, StraitsX, and Upbit.
Police investigators used blockchain analytics tools from Chainalysis and TRM Labs to trace suspicious activity linked to government impersonation, investment, job, and love scams. The analysis identified individuals likely to transfer cryptocurrency to scammers. Authorities then worked with exchanges to link on-chain activity to customers, enabling direct intervention via phone or in-person contact.
Coinbase Singapore shared details of the operation in a July 10 X post, stating: “Over the past 6 weeks, Coinbase worked closely with the Singapore Police Anti-Scam Centre and Cyber Investigation Branch on a joint anti-scam operation. Together, we stopped 145+ people from losing a combined $4.2M+ to scams.”
The Singapore Police Force emphasized the importance of public-private partnerships: “The participating cryptocurrency exchanges supported the operation by providing timely customer information, facilitating more than 145 targeted interventions conducted over the phone and in-person, and allowed officers to reach potential scam victims before funds were lost.”
This early intervention model aims to block scam payments before they occur. The Police Force stated its commitment to continued collaboration: “The Police will continue to work closely with cryptocurrency exchanges and other private sector partners to combat cybercrime and remain committed to safeguarding the public through proactive and intelligence-driven operations.”
The operation’s success highlights the value of combining blockchain analysis with exchange customer data to protect cryptocurrency users from financial fraud.