Singapore Police and Crypto Providers Use Blockchain Analysis to Identify 355 Scam Victims
Singapore Police Force’s Cyber Command and eight Digital Payment Token service providers identified more than 355 scam victims and prevented more than S$8.94 million in potential losses during a two-month anti-cryptocurrency scam operation, according to an SPF release issued on September 3, 2026.
The operation ran from July 1 to August 31 and involved Coinbase, Coinhako, DTCPay, Gemini, Independent Reserve, OKX, StraitsX and Upbit. SPF said officers used advanced blockchain analysis tools from Chainalysis and TRM Labs to identify people exposed to several scam typologies, including government official impersonation, investment and job scams.
Blockchain intelligence used before further transfers
The participating DPT service providers supplied timely customer information that helped officers identify and contact affected users. Police interventions were carried out by phone and in person, allowing officers to intervene while victims were still at risk of making additional cryptocurrency transfers.
SPF said the fourth instalment of the joint operation prevented more than S$8.94 million in potential losses. The figure represents funds that authorities assessed victims were at risk of sending, rather than assets subsequently seized or recovered from criminals.
The operation also extended beyond Singapore. Cyber Command shared blockchain intelligence generated during the exercise with overseas law-enforcement counterparts, including the U.S. Federal Bureau of Investigation and the Cybercrime Squad of the New South Wales Police Force. According to SPF, this led to the identification of another 50 victims in foreign jurisdictions, enabling local intervention efforts before further losses occurred.
Public-private crypto monitoring model
The release highlights an increasingly operational form of public-private cooperation between law enforcement and regulated digital-asset service providers. Rather than relying only on post-event tracing, the operation used blockchain transaction patterns, exchange customer information and cross-border intelligence sharing to identify potentially harmful flows while victim transfers were still ongoing.
SPF described the exercise as the fourth anti-cryptocurrency scam operation involving DPT service providers. It said the combination of Cyber Command’s investigative and technical capabilities, industry support and international law-enforcement cooperation had improved the ability to detect scam activity early and intervene before funds were lost.
The case is relevant to AML and financial-crime teams because it shows how blockchain analytics and customer-level information held by regulated crypto platforms can be combined to detect suspicious fund movements and support rapid intervention. It also illustrates the role of cross-border intelligence sharing where crypto transactions and scam networks span multiple jurisdictions.
