Singapore police wrapped up a second anti-scam operation on May 31, stopping more than $4.2 million in potential crypto losses. The six-week effort, which ran from April 16, involved seven exchanges — Coinbase, Coinhako, Gemini, Independent Reserve, OKX, StraitsX, and Upbit — along with blockchain analytics firms Chainalysis and TRM Labs. Combined with a first operation that blocked $2.86 million between March 16 and April 15, total losses prevented since mid-March now exceed $7 million.
How authorities reached victims before they transferred
Investigators conducted more than 145 targeted interventions — either by phone or in person — to warn potential victims before they sent additional funds. Exchanges handed over customer information that let police identify people who had already made suspicious transfers. The Singapore Police Force disclosed the results on June 2.
The setup is straightforward: when an exchange flags a suspicious wallet, Chainalysis or TRM Labs traces the movement. If the trail points to a Singapore-based account, police get the customer details and reach out. The goal is to interrupt the scam before more money leaves.
Broader enforcement push takes shape
The anti-scam operations sit inside a wider crackdown on crypto-related crime. In May, Singapore announced a dedicated Cyber Command unit, set to begin operations in July. It will handle cybercrime investigations and crypto-related crime tracking.
Separately, prosecutors charged Zhu Juntao, the former CEO of collapsed crypto lender Hodlnaut, with alleged false disclosures tied to the 2022 Terra ecosystem collapse. The case isn't directly linked to the scam operations, but it reinforces the message that Singapore is pursuing both street-level scams and executive misconduct.
The timing isn't great for scammers — the Cyber Command unit starts next month, and exchanges are now used to handing over data quickly. Whether the pace of interventions can keep up with new scam tactics is an open question. For now, the police have a playbook that's already saved victims over $7 million.
