Singapore Usea Blockchain Analysis to Prevent S$17.4M in Scam Losses - Cryptonews.net
Singapore police prevented more than S$17.4 million in potential crypto scam losses through a two-month operation combining blockchain analysis and rapid intervention.
The Singapore Police Force announced that its Cyber Command successfully identified 383 potential victims during a two-month operation from September 1 to October 31. Eight digital payment token providers participated: Coinbase, Coinhako, DTCPay, Gemini, Independent Reserve, OKX, StraitsX, and Upbit.
Investigators utilized blockchain analysis tools from Chainalysis and TRM Labs to examine activity linked to government-official impersonation, investment, and job scams. Participating providers supplied timely customer information, allowing officers to connect on-chain intelligence with potentially at-risk individuals.
Cross-Border Intelligence Sharing
The operation extended beyond Singapore's borders, with Cyber Command sharing blockchain intelligence with the United States Federal Bureau of Investigation, Australia's New South Wales Police Force, and the Canadian Anti-Fraud Centre. This cooperation led to the identification of 32 foreign victims across jurisdictions.
The police described the outcome as evidence of the value of sustained public-private partnerships and timely intelligence sharing.
Global Model for Prevention
The operation suggests a practical framework for other jurisdictions: combining blockchain tracing, exchange-held customer records, rapid police outreach, and established channels for sharing intelligence with foreign agencies. This represents the fifth operation of its kind, indicating an ongoing enforcement strategy rather than a one-time response.
While Singapore's results demonstrate how coordinated action can create a narrow window to warn victims before another payment is made, replication requires not just purchasing analytics software but also establishing legal frameworks for information access and quick action.
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