Singapore police, together with eight crypto service provide
Singapore police announced on November 5 that during the fifth joint crypto anti-scam operation from September 1 to October 31, they worked with eight digital payment token service providers, including Coinbase, Coinhako, DTCPay, Gemini, Independent Reserve, OKX, StraitsX and Upbit, to identify more than 383 potential scam victims and prevent more than S$17.40 million (about US$13.60 million) in potential losses.
Timeline
- [11-06 08:29] Singapore joins eight crypto service providers to combat scams, preventing about S$17.40 million in potential losses (Wu Shuo)
- [11-06 08:31] Singapore police team up with 8 crypto platforms for anti-scam operation, intercepting over S$17.40 million in potential losses (Odaily Planet Daily)
Background and Impact
Singapore police announced on November 5 that during the fifth joint crypto anti-scam operation conducted from September 1 to October 31, police worked with eight digital payment token service providers, including Coinbase, Coinhako, DTCPay, Gemini, Independent Reserve, OKX, StraitsX and Upbit, to identify more than 383 potential scam victims and successfully prevent more than S$17.40 million (about US$13.60 million) in potential losses. Wu Shuo and Odaily Planet Daily both reported the announcement on November 6, and the two sources were consistent on the list of participating institutions, the number of victims and the amount intercepted, with no discrepancy.
In terms of execution, police used blockchain analysis tools from Chainalysis and TRM Labs, combined with customer information provided by trading platforms, and through phone calls and on-site interventions stopped scams involving impersonation of government officials, investment and job-seeking. The operation also shared on-chain intelligence with the U.S. Federal Bureau of Investigation (FBI), the New South Wales Police in Australia and the Canadian Anti-Fraud Centre, identifying 32 potential overseas victims. This process shows that combining on-chain data analysis with customer information from trading platforms was a key step in identifying potential victims in this operation, while cross-border intelligence sharing extended the scope of intervention beyond Singapore.
By comparison, the previous fourth round of operations identified more than 355 potential victims and prevented more than S$8.94 million in potential losses. Placing the data from the two rounds side by side, the number of identified people and the amount intercepted disclosed in this round were both higher than the figures announced for the fourth round, but the announcement did not explain the reasons for the change.
In terms of impact, this operation was a collaborative effort between law enforcement and multiple digital payment token service providers. Participants included both international platforms such as Coinbase, Gemini and Upbit and local service providers such as Coinhako and StraitsX, and OKX was also on the list. For ordinary users, the three types of scam scripts—impersonation of government officials, investment and job-seeking—remain the main risk points, and app acquisition channels are also worth noting: whether it is Binance APP download, Binance APP download and installation, or OKX APP download, OKX APP download and installation, all should be verified through official app stores or official websites, and links forwarded by strangers should be avoided; if in communities such as Bitget player exchanges you see download addresses provided by self-proclaimed "official customer service", you should compare them against official channels. The announcement did not disclose the timing of the next round of operations.
FAQ
### Which platforms were specifically involved in this operation, and how large was the impact?
The participants were eight digital payment token service providers: Coinbase, Coinhako, DTCPay, Gemini, Independent Reserve, OKX, StraitsX and Upbit. The operation identified more than 383 potential scam victims, prevented more than S$17.40 million in potential losses, and identified 32 potential overseas victims through cross-border intelligence sharing.
### How can ordinary users reduce the risk of being targeted by similar scams?
The types listed in the announcement are impersonation of government officials, investment and job-seeking scams. Users should be wary of calls asking for transfers or account information; apps should be obtained only from official channels, for example by verifying the official entry points for Binance APP download and installation and OKX APP download and installation, and not clicking links sent by strangers.
### Will there be another joint operation in the future?
The materials did not disclose a timetable for the next operation, nor did they state whether participating institutions will be adjusted. What can be confirmed is that this was the fifth operation, conducted from September 1 to October 31, and the previous fourth round identified more than 355 potential victims and prevented more than S$8.94 million in potential losses.
Sources
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