Singapore, Coinbase Stop $4.2M in Crypto Scam Transfers

Singapore authorities and several major cryptocurrency exchanges have prevented more than $4.2 million in potential scam losses by identifying victims before transactions were completed, highlighting a growing shift toward proactive crypto crime prevention.

Summary:

Singapore Police and seven cryptocurrency exchanges prevented more than $4.2 million in suspected scam losses during a six-week operation.
Authorities carried out over 145 interventions, contacting potential victims before they transferred funds.
Coinbase, OKX and Gemini were among the exchanges that shared intelligence to help identify suspicious transactions.
The operation reflects Singapore’s broader strategy of stopping crypto scams before assets leave victims’ wallets.

Police and Crypto Exchanges Coordinate Early Intervention

The Singapore Police Force (SPF) worked alongside seven cryptocurrency exchanges during a coordinated operation aimed at disrupting investment scams before victims lost their funds.

Between April 16 and May 31, 2026, investigators from the SPF’s Anti-Scam Centre and Cybercrime Command used blockchain analytics and transaction monitoring to identify transfers linked to suspected fraud.

Rather than waiting until assets had already been stolen, authorities contacted individuals while scam attempts were still underway.

The operation resulted in more than 145 interventions, including phone calls and in-person visits, preventing victims from transferring over $4.2 million to fraudulent wallets.

Participating exchanges – including Coinbase, OKX and Gemini – provided customer information and transaction intelligence that helped investigators identify high-risk activity in real time.

A Shift Toward Prevention Instead of Recovery

The operation reflects a broader change in how law enforcement is approaching crypto-related fraud.

Historically, investigations often began only after victims reported losses. By that stage, stolen assets had frequently been moved across multiple wallets, exchanges and jurisdictions, making recovery significantly more difficult.

Singapore’s latest initiative instead focuses on interrupting scams before transactions are finalized. Using blockchain analytics to detect unusual payment patterns and high-risk wallet activity, investigators can intervene while victims still control their assets.

For crypto exchanges, this approach also signals a growing role beyond compliance reporting. Rather than responding only after suspicious transactions occur, exchanges are increasingly expected to work with authorities to identify emerging threats and prevent losses in real time.

Part of Singapore’s Broader Anti-Scam Strategy

The operation forms part of Singapore’s wider campaign against online fraud and digital asset crime.

Over the past year, the government has strengthened penalties targeting organized scam syndicates, including introducing mandatory caning for certain organizers and recruiters involved in large-scale scam operations.

Authorities have also expanded their technological capabilities through dedicated cybercrime units that combine blockchain analytics, artificial intelligence and financial intelligence to identify fraudulent investment schemes more quickly.

At the same time, police continue urging residents to verify suspicious investment offers and reminding the public that government agencies will never request cryptocurrency transfers, banking credentials or payments over unsolicited phone calls.

The New Playbook for Crypto Scam Prevention

The initiative demonstrates how crypto investigations are increasingly moving “upstream” – focusing on prevention rather than asset recovery.

For law enforcement, identifying suspicious blockchain activity before funds leave a victim’s control is generally more effective than attempting to recover assets after they have been transferred through multiple wallets or overseas platforms.

For the crypto industry, the operation also highlights a broader trend toward closer cooperation between regulators, exchanges and blockchain analytics providers. As digital asset adoption grows, preventing fraud before transactions settle is becoming an increasingly important part of protecting consumers and maintaining confidence in regulated crypto markets.

The information presented in this article is intended for informational purposes only and should not be interpreted as financial, investment, or trading advice. Coinspress.com does not promote or advocate for any particular investment strategy, asset, or cryptocurrency project. Cryptocurrency markets are highly volatile and unpredictable – always perform your own research and seek guidance from a qualified financial professional before making any investment decisions.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.