Singapore Police and Exchanges Prevent $4.2M in Scam Losses with Blockchain Analysis

The Singapore Police Force and major cryptocurrency exchanges collaborated in an operation to prevent potential scam losses. During this six-week effort, they identified more than 145 people who were at risk of transferring funds due to scams.

Using blockchain analysis tools from Chainalysis and TRM Labs, police investigators examined activity connected to government official impersonation, investment, job, and love scams. This helped them pinpoint individuals who appeared to be on the verge of sending cryptocurrency.

The authorities then worked with exchanges to connect suspicious activity with customers who could be contacted. In total, more than $4.2 million in potential losses was prevented through this operation.