Police, Crypto Exchanges Stop $2.9 Million Cryptocurrency Scam, Save 130 Victims

More than 130 people were stopped from losing over $2.9 million during a joint operation between the Singapore Police Force and several cryptocurrency exchanges. The month-long effort showed how stronger teamwork between law enforcement and the crypto industry is helping improve crypto scam prevention as online fraud continues to grow.

The operation was carried out from June 1 to June 30, 2026. It was led by the Singapore Police Force's Anti-Scam Centre (ASC) and Cyber Investigation Branch (CIB). They worked closely with leading crypto platforms, including Coinhako, Coinbase, Gemini, Independent Reserve, OKX, StraitsX, and Upbit. According to Singapore authorities, this was the third operation of its kind, with the main goal of stopping cryptocurrency scam cases before victims completed their transfers.

Investigators relied on blockchain analytics to follow suspicious cryptocurrency transactions and identify accounts linked to scam networks. Their investigation uncovered several common fraud methods. These included fake investment scam offers promising high returns, scams where criminals pretended to be government officials, and fake job opportunities designed to convince victims to send cryptocurrency. Once suspicious activity was detected, officers quickly contacted potential victims by phone or visited them in person. These early warnings helped many people avoid making irreversible payments.

The operation also highlighted the growing role of crypto exchange security in fighting financial crime. By sharing information with police in real time, cryptocurrency exchanges were able to flag suspicious transactions before they were completed. This gave investigators valuable time to act. Authorities also shared intelligence gathered during the operation with international partners, including the US Federal Bureau of Investigation (FBI) and the Cybercrime Squad of the New South Wales Police Force in Australia, helping support wider investigations into crypto fraud.

Officials warned that criminals are becoming more skilled at convincing people to transfer digital assets. These scams typically start through communications via social media, dating websites, messaging applications, and even fake investment websites. The victims of such scams are usually guaranteed some sort of financial gain or told they need to move quickly in order not to miss out on something.

Police also reminded the public about crypto withdrawal fee scams, a trick used by many fraudsters after victims have already invested money. In these scams, criminals falsely claim that extra taxes, processing charges, or withdrawal fees must be paid before funds can be released. Every additional payment only increases the victim's losses, while the promised money never arrives.

The latest operation shows that preventing scams is no longer the responsibility of the police alone. Cryptocurrency exchanges, financial technology companies, and investigators are working together more closely than ever before. Better monitoring systems, faster communication, and improved blockchain analytics are making it easier to detect suspicious activity before criminals succeed.

Authorities continue to encourage the public to follow basic scam prevention steps. These include checking investment offers carefully, avoiding pressure to make quick payments, enabling two-factor authentication, and reporting suspicious messages immediately. Taking a few extra minutes to verify information can prevent significant financial losses.

While this operation successfully protected many crypto scam victims, experts say cryptocurrency fraud remains a global challenge that continues to evolve. Anyone who has already lost money should report the incident to the police, inform the cryptocurrency exchange involved, and seek professional cryptocurrency scam recovery support as quickly as possible. Early reporting can improve the chances of tracing stolen funds and assisting ongoing investigations.