Singapore authorities say a joint operation with major cryptocurrency platforms stopped more than $4.2 million in potential scam losses by reaching suspected victims before any transfers were completed.
Operation reached more than 145 people
The Singapore Police Force said it identified more than 145 potential scam victims during a six-week operation carried out with Coinbase, Coinhako, Gemini, Independent Reserve, OKX, StraitsX and Upbit. According to the police, those people were flagged before they sent funds, allowing officers and platform partners to intervene in time.
Authorities said the work resulted in more than 145 targeted interventions. These contacts were made by phone and in person, with the aim of stopping at-risk individuals before money was lost.
Blockchain analysis used to trace risks
Investigators relied on blockchain analysis tools provided by Chainalysis and TRM Labs to detect potential victims linked to several categories of scams. The police did not detail the specific scam types in the source account, but said the cases were identified across multiple categories.
The operation combined that blockchain-based tracing with direct action from law enforcement. After identifying suspected victims, officers used information supplied by participating exchanges to contact them quickly.
Role of exchanges in the intervention
The Singapore Police Force said the participating crypto companies provided timely customer information that helped enable the preventive outreach. Authorities presented the effort as an example of how official investigative powers can work alongside data held by private platforms to disrupt scams before funds leave victims' accounts.
Coinbase was named alongside six other exchanges and crypto firms in the operation: Coinhako, Gemini, Independent Reserve, OKX, StraitsX and Upbit. Together, they worked with police to identify and reach users believed to be at immediate risk.
Police plan to continue similar partnerships
The police said they will continue collaborating with cryptocurrency exchanges and other private-sector partners as part of broader anti-cybercrime efforts. The force described the operation as proactive and intelligence-driven, with a focus on safeguarding the public before losses occur rather than responding only after funds have already been transferred.
The announcement highlights a prevention model in which blockchain tracing, exchange-held customer records and direct police contact are used together to interrupt scam activity at an early stage. Based on the police account, the six-week campaign prevented significant potential losses, though the statement framed the total as avoided losses rather than recovered funds.
Source: news.bitcoin.com