Singapore Police Crack Down on Scam-Related Crypto Activity

The Singapore Police Force (SPF) has intensified its enforcement efforts against scammers using cryptocurrencies for fraudulent activities. In a joint operation with major exchanges, including Coinbase, Gemini, Upbit, and Coinhako, authorities aimed to disrupt scam-related digital asset flows and reduce cybercrime risks.

Chainalysis and TRM Labs tools were used to detect over 90 scam victims and prevent losses exceeding $2.86 million during a one-month anti-scam operation across major crypto exchanges.

The SPF emphasized the importance of continued vigilance and coordination in reducing scam losses and improving enforcement outcomes, highlighting the value of partnerships with private sector companies like Chainalysis and TRM Labs.