The Singapore Cyber Command teamed up with multiple digital payment token service providers and foreign law enforcement to combat cryptocurrency fraud between Sept. 1 and Oct. 31. Investigators deployed blockchain tracing tools from TRM Labs and Chainalysis alongside exchange data to pinpoint active job, investment, and impersonation scams. Officers stepped in directly by visiting and telephoning targeted individuals to halt the fraudulent transactions. Furthermore, shared international intelligence helped alert and safeguard 32 overseas victims before they suffered further monetary damage.
Key points
Public-private data integration enabled law enforcement to rapidly identify and disrupt c…: Public-private data integration enabled law enforcement to rapidly identify and disrupt crypto scams before assets were lost.
Cross-border collaboration with international police agencies expanded the protective rea…: Cross-border collaboration with international police agencies expanded the protective reach of the Singapore-led anti-fraud initiative.
Expanding alliances with trading platforms and foreign authorities remains a primary stra…: Expanding alliances with trading platforms and foreign authorities remains a primary strategy to counter digital payment token crimes.
Sources checked by our analysis pipeline: 1
- Police, crypto exchanges and foreign agencies stopped more than 383 victims from losing over $17.4 million in a two-month scam crackdown.
- The fifth joint operation ran from Sept 1 to Oct 31 and used blockchain analysis, customer data and phone and in-person warnings to target fraud.
- Police said cross-border sharing with the FBI, NSW Police and the Canadian Anti-Fraud Centre helped identify 32 foreign victims and will be expanded.
AI generated
SINGAPORE – More than 383 victims avoided losing over $17.4 million to cryptocurrency scams following a two-month joint crackdown by the police, digital payment token (DPT) service providers, and foreign law enforcement agencies.
The operation, which ran from Sept 1 to Oct 31, was the fifth blitz of its kind targeting crypto-related fraud, the police said in a statement on Nov 5.
The operation was led by the police’s Cyber Command team, in partnership with DPT service providers including Coinbase, Coinhako, DTCPay, Gemini, Independent Reserve, OKX, StraitsX and Upbit.
Through advanced blockchain analysis using tools from Chainalysis and TRM Labs, the authorities identified victims across multiple…
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