Fifth joint operation by police, crypto exchanges stops scam victims from losing over $17.4 million
The operation was the fifth blitz of its kind targeting crypto-related fraud.
Singapore police, crypto exchanges, and foreign law enforcement agencies have thwarted attempts to defraud over 383 people of more than $17.4 million through a joint two-month operation. The latest crackdown, led by the police's Cyber Command team, ran from September to October and marked the fifth instance of such an operation targeting crypto-related fraud.
The initiative saw collaboration with digital payment token service providers like Coinbase, Coinhako, and others, who provided customer information to aid targeted interventions. Using blockchain analysis tools from Chainalysis and TRM Labs, authorities identified victims across various scam schemes, including impersonation and investment scams.
The operation also extended internationally, with intelligence shared with partners in the US, Australia, and Canada, resulting in the rescue of 32 foreign victims. The police emphasized the significance of ongoing public-private partnerships and cross-border intelligence sharing in combating scams, pledging to further expand partnerships and cooperation with foreign law enforcement agencies.
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