Singapore police, exchanges block $2.86M in crypto scam losses

The Singapore Police Force announced on April 23, 2026, that a coordinated one-month operation with major cryptocurrency exchanges and blockchain analytics firms shut scam-linked accounts and helped prevent more than $2.86 million in losses, protecting over 90 victims.

The action involved Coinbase, Coinhako, Gemini, Independent Reserve, StraitsX and Upbit, with analytics support from Chainalysis and TRM Labs. Chainalysis reported on the social platform X that its tools identified more than 90 scam victims and helped stop about $2.86 million in further losses across the participating platforms.

Investigators focused on accounts alleged to have received or moved proceeds from fraudulent schemes. Authorities reviewed transaction histories to identify victims, block transfers and disable accounts used to move funds.

The operation targeted multiple scam types, including investment scams, job scams, romance scams and government impersonation schemes. Faster tracing of blockchain transactions allowed intervention earlier in some cases, limiting further transfers from affected accounts.

Chainalysis posted on X: “Our blockchain analysis tools helped detect 90+ scam victims and prevent over $2.86M in losses during a one-month anti-scam operation across major crypto exchanges. When law enforcement have the right tools and real-time collaboration, scammers lose the anonymity they’re counting on.”

A police release thanked the exchanges for their cooperation. Authorities said exchanges provided transaction data and account information that, combined with analytics, sped up tracing across platforms and borders. TRM Labs provided monitoring and investigative capabilities to support the effort.

Singapore officials noted that criminals are increasingly using cryptocurrencies for cross-border activity and urged continued vigilance and coordination among regulators, platforms and analytics providers to detect suspicious activity and protect consumers from fraud.