The Police of Singapore and the country’s Cybersecurity Agency issued a joint advisory on cryptocurrency scams disguised as job offers, after recording losses of approximately $11.8 million.
The typical scheme begins on social media, where victims respond to remote job listings or promises of investment returns. A supposed guide walks them through opening a crypto account and purchasing tokens, and in many cases also convinces them to hand over access credentials or seed phrases, allowing the scammer to completely drain the account.
Singapore’s authorities have carried out three joint operations with exchanges in 2026. The first, between March 16 and April 15, prevented nearly S$2.86 million in damages and involved the participation of Coinbase and Upbit.
The second, a six-week operation between April and May, prevented losses exceeding S$4.2 million with seven firms involved. In June, a third operation recovered more than S$2.9 million and reached out to more than 130 potential victims.
Chainalysis and TRM Labs provided the blockchain tracing tools for all three. In the last one, the Singapore police shared intelligence with the FBI and the New South Wales Cybercrime Squad to identify victims and criminal networks abroad. Cryptocurrencies accounted for nearly one fifth of all scam losses in Singapore during 2025.
Source: https://www.channelnewsasia.com/singapore/cryptocurrency-scam-us118-million-losses-6319186
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