In a six-week effort to combat scams, Singapore police and Chainalysis successfully prevented losses of $4.2 million in cryptocurrency fraud, helping over 145 victims.
Singapore police recently completed a second operation to fight scams. By partnering with Chainalysis and various cryptocurrency platforms, the Anti-Scam Centre and Cyber Investigation Branch successfully prevented over $4.2 million in potential financial losses.
From April 16th to May 31st, 2026, a six-week initiative helped over 145 people who were likely being targeted by scams, contacting them by phone and visiting them directly.
Related reading:
Chainalysis and Singapore Police Stop $2.86M Crypto Scam Wave: Details
How Blockchain Analysis Tools Powered the Anti-Crypto Scam Operation
The operation relied heavily on advanced blockchain analysis.
Police used software from Chainalysis and TRM Labs to track where money was going in suspicious transactions. This allowed them to quickly identify victims and potentially recover funds before the money was permanently lost.
The investigation involved several cryptocurrency exchanges, including Coinbase, Coinhako, Gemini, Independent Reserve, OKX, StraitsX, and Upbit. These exchanges promptly shared customer information, which helped investigators quickly identify and contact victims.
The scam categories covered in the operation were wide-ranging.
Police are cracking down on a wide range of scams, including those where criminals pretend to be government officials, offer fake investments, promise jobs that don’t exist, and use romance to trick people. This shows just how widespread cryptocurrency fraud has become and how many different types of people are being targeted.
Chainalysis described the outcome as a direct result of scaled public-private collaboration.
The company highlighted that this latest initiative follows previous work which had already safeguarded $2.86 million. The increase in both protected funds and the number of people helped demonstrates the power of ongoing collaboration.
Singapore Police Scale Up Crypto Fraud Prevention Efforts
This is the second time Singapore has taken action against crypto fraud, and it shows a clear broadening of their efforts. While the first operation helped over 90 victims, this latest one assisted more than 145 – a substantial increase in a short period.
The Anti-Scam Centre and Cyber Investigation Branch worked together with law enforcement and private companies to fight scams. They used their combined technical skills to quickly find victims and stop losses from getting worse.
Singapore police are warning that scams are becoming more complex and frequent. They plan to focus on using data and intelligence to find scams *before* they happen, rather than just investigating them after people have been victimized. This means prioritizing prevention over simply responding to reports.
The police also noted their commitment to continuing these partnerships.
We anticipate continued collaboration with cryptocurrency exchanges and other companies in the private sector. Officials described this as a long-term plan, not just a single event.
Public Urged to ACT as Crypto Scams Grow More Complex
In addition to taking action against scammers, the Singapore Police Force has shared advice for the public to help prevent scams. They’ve introduced the ACT framework – a simple guide to staying safe online. ACT means adding extra security to your accounts, watching out for warning signs, and reporting any suspicious activity to the police.
Combating fraud requires a team effort, as police can’t tackle it on their own. By the time authorities get involved, victims have usually already lost funds. Raising public awareness is therefore essential to protecting people from cryptocurrency scams.
We’re continuing to make progress in the fight against scams. We recently teamed up with the Singapore Police for another successful operation, helping to protect over 145 people and prevent potential losses of more than $4.2 million in just six weeks.
Building on the success of…
— Chainalysis (@chainalysis) June 3, 2026
Chainalysis announced the operation on X (formerly Twitter), highlighting their continued support of the Singapore Police Force.
Looking at the results, I’ve noticed a clear improvement between the first and second phases of the operation. This really demonstrates what we can achieve when everyone works together effectively.
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2026-06-03 15:28