90 victims in S’pore saved by police from potential $2.86 million losses in crypto scam

SINGAPORE – The Singapore Police Force, working in collaboration with cryptocurrency exchanges for the first time, have successfully prevented over $2.86 million in potential financial losses to 90 Singapore-based scam victims.

The month-long operation, which began on March 16, saw the landmark partnership between the police Anti-Scam Centre (ASC) and Cyber Investigation Branch (CIB) and cryptocurrency exchanges Coinbase, Coinhako, StraitsX, Gemini, Independent Reserve and Upbit.

Officers from ASC and CIB conducted advanced blockchain analysis using tools from industry leaders, TRM Labs and Chainalysis. They identified victims across multiple scam categories including government officials impersonation scams, investment scams, job scams and love scams.

The victims were then notified via telephone and in-person before the scammers could withdraw their cryptocurrency, preventing further financial losses.

The police attributed the operation’s success to the “rapid exchange of information between the police and participating cryptocurrency exchanges, which enabled swift victim identification and immediate intervention”.

They said in a news release on April 23: “This collaborative approach represents a significant advancement in Singapore’s anti-scam efforts, demonstrating how partnerships between law enforcement and the private sector can harness cutting-edge technology to protect the public from increasingly sophisticated scams.

“The operation highlights the police’s commitment to proactive scam prevention and the importance of real-time collaboration between cryptocurrency exchanges and law enforcement agencies in combating cybercrime.”

Scam victims in at least 98 cases reported losing about $8.5 million to fraudsters impersonating officials from the Ministry of Law since February, said a The Straits Times report on April 23.

The losses from scams fell by 17.9 per cent to about $913.1 million in 2025, from about $1.1 billion in 2024, according to the police annual scam and cybercrime brief 2025.

But cryptocurrency losses continue to form a considerable percentage of scam losses, making up about $182.2 million, or roughly 20 per cent of total scam losses in 2025.

Scammers leverage cryptocurrency due to its irreversible transactions and limited traceability, making asset recovery very challenging for the authorities.

Tether, Ethereum, and Bitcoin were the top cryptocurrencies scam victims reported losing, accounting for about 91.7 per cent of total cryptocurrency scam losses, said the police annual brief.

In 2025, more than 7,000 money mules and scammers were investigated, while over 940 individuals were charged by the police.

The police urge members of the public to take precautions against scams. These include adding security features such as the ScamShield application and two-factor authentication for personal accounts, such as banks, social media and Singpass accounts.

Check for potential signs of a scam by fact-checking requests for personal information and money transfers, and verifying the legitimacy of online listings and reviews. And finally, tell the authorities and others about scam encounters by reporting to the bank, ScamShield, or by filing a police report.

For more information on scams, the public can visit www.scamshield.gov.sg or call the ScamShield Helpline on 1799.

Anyone with information on scams may call the Police Hotline on 1800-255-0000 or submit information online at www.police.gov.sg/i-witness.

All information will be kept strictly confidential.