Key Takeaways:
- In a six-week operation with Singapore Police, Coinbase prevented the loss of over $4.2 million through fake mobile apps.
- Advanced blockchain analytics identified and protected more than 145 suspected victims of scams.
- The operation underscores the growing partnership between crypto exchanges and law enforcement agencies in their fight against fraud.
Coinbase, the leading U.S. cryptocurrency exchange, announced information about a partnership between it and the Singapore Police Force that helped deter scams involving the loss of over $4.2 million by over 145 individuals.
Trust is the foundation we build on at Coinbase.
Over the past 6 weeks, Coinbase worked closely with the @SingaporePolice Anti-Scam Centre and Cyber Investigation Branch on a joint anti-scam operation. Together, we stopped 145+ people from losing a combined $4.2M+ to scams.… pic.twitter.com/0ITF2Z3FNL
— Coinbase Singapore 🛡️ (@CoinbaseSG) July 10, 2026
The April 16 to May 31 raid saw a multi-agency operation involving law enforcement and blockchain intelligence companies, with many leading cryptocurrency exchanges in attendance.
Blockchain Analytics Help Detect Victims Early
Over the last six weeks, Coinbase Singapore in Singapore worked closely with the Singapore Police Force (SPF)’s Anti-Scam Centre (ASC) and the Cyber Investigation Branch (CIB) to identify potential victims and to help them avoid the loss of their funds.
Chainalysis and TRM Labs provided the law enforcement team with blockchain intelligence tools, which were used to go deep into crypto trades and determine victims involved in numerous crypto scams.
Criminals targeted a variety of well-known scams such as investment fraud, scams impersonation as government officials, employment fraud, and romance fraud. These categories continue to rank among the most damaging forms of crypto-related fraud globally.
Read More: Coinbase Opens India’s $4T Economy to Crypto With Direct INR Rails and Futures Trading
More Than 145 Targeted Interventions
After identifying potential victims, participating exchanges supplied customer information that allowed authorities to conduct direct interventions.
Public-Private Cooperation Proves Effective
Coinbase, Coinhako, Gemini, Independent Reserve and OKX were among the firms that were part of the operation, as was StraitsX and Upbit. The organizations were able to facilitate over 145 targeted interventions via phone and in person.
The goal was simple: contact individuals before scammers could convince them to transfer funds into fraudulent crypto wallets.
The officers were able to move swiftly and reach victims in advance by employing advanced blockchain analysis to prevent any transactions, said Singapore Police. The early warning strategy resulted in much less monetary loss than conventional fraud investigations that are initiated after losses have been recorded.
Read More: Singapore Flags Bybit on MAS Investor Alert List, Raising New Crypto Compliance Questions
Crypto Industry Strengthens Anti-Scam Defenses
The move is the second time Singapore law enforcement and cryptocurrency exchanges have worked together to combat scams. The officials said that the findings showed a move by public institutions and private companies to combat crypto crimes could make a significant contribution.
Coinbase repeated that protection of users continues to be a primary concern and added that the successful operation demonstrates how sharing intelligence and taking quick action when suspicious activity is detected can be beneficial.
Singapore is one of the most forward-looking jurisdictions to address digital asset fraud. Enforcement is no longer the only solution for crime prevention; today, authorities implement intelligence-led approaches in which tools such as blockchain monitoring, transaction accounting, and straight-to-victim outreach represent a mix.
Scams are one of the major issues faced by the crypto industry and as more people around Asia are starting to adopt cryptocurrencies the extent of the scam is increasing.
Be the first to comment