Singapore police worked with Coinbase and six other crypto exchanges over a six-week period to stop more than $4.2 million in potential scam losses. The operation ran from April 16 to May 31, 2026. Authorities reached at least 145 potential victims before they could finalize their transfers.
The Singapore Police Force has placed blockchain analysis at the center of the operation. Its anti-scam center and Cyber Investigation arm used tools from Chainalysis and TRM Labs to trace the activity. They looked for patterns related to government identity theft, investment fraud, employment scams and relationship scams. This analysis made it possible to identify people likely to send funds to fraudsters.
Coinbase shared the details on July 10 in an X article. The platform said it worked closely with police on the joint operation. Together, they prevented 145 people from losing a total of $4.2 million.
How police and exchanges worked together
Blockchain records show patterns of transactions. But authorities have yet to find a way to identify and contact potential victims. The Singapore Police operation combined investigative authority with customer data held by the exchanges. This created a direct path between suspicious blockchain activities and preventive actions.
Coinbase, Coinhako, Gemini, Independent Reserve, OKX, StraitsX and Upbit all participated. Police said these exchanges provided timely information to customers. This allowed officers to carry out more than 145 targeted interventions. Contact was made by telephone and in person.
One limitation is that the figures reflect potential losses avoided. They do not break down individual cases or transaction level data. It is unclear how many of the reported cases have been confirmed to be scams. Additional disclosures could show how often police interventions actually prevented transfers. This would provide a clearer picture of the effectiveness of the partnership.
Ongoing commitment to public-private cybercrime prevention
The Singapore Police Force has underlined its commitment to working closely with stock exchanges and other private sector partners. The aim is to combat cybercrime through proactive intelligence-led operations.
The partnership remains active. Its lasting significance will depend on documented results. Evidence that early detection systematically prevents fraudulent payments being made would strengthen the model. Additional official data on confirmed scams, enforcement actions, and repeated interventions would provide a more complete picture of how this approach protects cryptocurrency users.
