Over $7M In Crypto Scams Thwarted As Singapore Launches Second Crackdown

Over $7 million in potential losses has now been stopped across two back-to-back operations after Singapore’s Anti-Scam Centre and Cyber Investigation Branch joined forces with some of the world’s biggest crypto exchanges to intercept scams before victims lost their funds.

How Blockchain Tools Tracked The Suspects

The second operation ran from April 16 to May 31, 2026, pulling in Coinbase, Coinhako, Gemini, Independent Reserve, OKX, StraitsX, and Upbit as partners. Blockchain analytics firms Chainalysis and TRM Labs supplied the investigative tools that allowed officers to trace suspicious wallet movements across multiple scam types, including government impersonation schemes, fake investment platforms, job scams, and romance fraud.

From those traces, authorities conducted more than 145 targeted interventions — some by phone, others through direct visits to potential victims. Exchanges assisted by handing over customer information on time, which let investigators reach people before any additional transfers were made.

The First Operation Stopped $2.86M

Singapore ran a pilot version of this effort between March 16 and April 15, 2026. That first run intercepted roughly $2.86 million, and the results of the two operations combined now total more than $7 million in blocked losses.

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

Officials said the outcome of the second operation reinforces the value of keeping law enforcement and the crypto industry working together. “The outcome of the second operation reaffirms the importance of sustained public-private partnerships in the fight against scams,” the Singapore Police Force said in a statement.

Singapore’s Wider Push Against Digital Crime

The crackdown fits into a larger enforcement push that Singapore has been building. A dedicated Cyber Command unit was announced in May 2026, set to begin operations in July, with a mandate covering cybercrime investigations, scam disruption, and cryptocurrency-related crime tracking.

The city-state has also moved against corporate misconduct in the crypto sector. Last week, Singapore prosecutors charged Zhu Juntao, the former CEO of collapsed crypto lender Hodlnaut, in connection with alleged false disclosures tied to the 2022 Terra ecosystem collapse.

Authorities said the combination of blockchain intelligence and real-time coordination with exchanges has become one of the most reliable ways to catch scams early and cut financial harm before it compounds. The police confirmed the operation was officially reported on June 2, 2026.

Featured image from Pexels, chart from TradingView