TL;DR:
- Singapore blocked over $4.2 million in crypto scam losses during a six-week joint operation carried out between April and May 2026.
- The Singapore Police worked with Chainalysis, TRM Labs and seven exchanges to identify and contact more than 145 potential victims.
- The operation expanded on results from a prior effort that had already protected $2.86 million, and incorporated the ACT framework for public prevention.
The Singapore Police concluded its second joint operation against crypto fraud, with results that far surpassed those of the first campaign. Between April 16 and May 31, 2026, the Anti-Scam Centre and the Cybercrime Investigation Branch of the Singapore Police Force blocked over $4.2 million in potential losses. The operation lasted six weeks and involved direct contact—by phone and in person—with more than 145 potential victims of scams.
The intelligence work relied on blockchain analysis tools provided by Chainalysis and TRM Labs, which made it possible to trace suspicious fund movements and identify victims before money permanently left their wallets. Seven exchanges participated in the operation: Coinbase, Coinhako, Gemini, Independent Reserve, OKX, StraitsX and Upbit. Each platform delivered customer information promptly, giving agents the data needed to act quickly.
Fraud Networks Make No Distinction Between Victims
The scam categories covered by the operation were varied: impersonation of government officials, investment schemes, job scams and romance fraud. The breadth of the spectrum shows how far crypto fraud has spread across different vulnerable groups. The first operation had reached more than 90 potential victims. The jump to 145 in a single follow-up cycle demonstrates the capacity generated by collaboration between the public and private sectors.
Chainalysis highlighted the outcome as a direct result of that collaboration. The firm shared the news on its official X account and pointed to the growth between both operations as proof of what coordinated action can achieve.
🚀 The momentum continues. We’re proud to have once again supported the 🇸🇬 @SingaporePolice in a second joint anti-scam operation — this time, preventing more than $4.2 million in potential losses and reaching over 145 scam victims in just six weeks.
Building on the success of… pic.twitter.com/26VTuXSWXN
— Chainalysis (@chainalysis) June 3, 2026
Singapore Calls on Citizens for Everyday Prevention
The Singapore Police Force stressed that scams are growing in sophistication and scale, and framed proactive detection as the cornerstone of its strategy, above reactive investigation. It also announced its commitment to continuing these partnerships with exchanges and other private actors, positioning these operations as a permanent strategy.
Beyond the operation itself, the Singapore Police introduced the ACT framework as an everyday prevention tool for the public: add security features, check for warning signs and report to authorities. The implicit acknowledgment is clear: no police operation can arrive in time if citizens do not act as the first line of defense.
