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Singapore Police and crypto platforms blocked more than S$2.86 million in fraud proceeds during a one-month operation targeting scam-linked accounts. The joint action protected about 90 victims in Singapore from potential losses, according to reports tied to the April 23, 2026 announcement.
The Singapore Police Force coordinated the operation with several cryptocurrency exchanges operating in the country. The effort focused on accounts suspected of processing funds linked to scam activity.
Rather than tracing funds after withdrawal, the operation aimed to disrupt suspicious flows while assets remained on exchange platforms. This allowed enforcement teams to act before victims lost permanent access to their funds.
The Straits Times reported that around 90 individuals avoided potential losses through the intervention. Police said the blocked amount reached more than S$2.86 million over the one month.
Participating exchanges flagged and froze accounts connected to suspected scam activity. Their compliance systems supported the process through transaction monitoring and know-your-customer checks.
The operation targeted accounts allegedly used to receive and move proceeds from fraudulent schemes. Investigators reviewed cases involving people suspected of helping scams through digital asset accounts.
How did the one-month operation stop scam funds before victims lost permanent access? Police matched victim reports with exchange data, while platforms acted on suspicious activity indicators.
Chainalysis said the operation targeted investment scams, job scams, romance scams, and government impersonation scams. The firm said its blockchain analysis tools helped detect more than 90 scam victims.
The analytics firm also said the operation prevented more than S$2.86 million in losses across major crypto exchanges. It added that real-time collaboration reduces the anonymity scammers rely on.
The police said continued vigilance and coordination remain central to reducing scam losses. They also pointed to private-sector partnerships as a key enforcement tool, as criminals use crypto for cross-border transfers.
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The operation places more focus on exchange monitoring in Singapore’s supervised crypto market. Platforms that spot and freeze suspicious flows quickly can support faster enforcement responses.
At the same time, the approach shows how law enforcement can use exchange data alongside blockchain analytics. This gives investigators access to fiat on-ramp and off-ramp information that public blockchains do not show.
For crypto platforms, the case signals growing pressure to maintain strong fraud controls. It also shows how compliance systems can help block scam proceeds before criminals move funds elsewhere.
Singapore Police and crypto exchanges blocked more than S$2.86 million in scam-linked funds during a one-month operation. The action helped protect about 90 victims and showed how faster exchange coordination, blockchain analytics, and active monitoring can reduce crypto fraud losses before funds leave regulated platforms.
