Singapore Police Force's fifth joint operation intercepts over S$17.4 million in cryptocurrency scam losses.

BlockBeats news, November 6 - According to The Straits Times, Singapore police stated that the fifth joint enforcement operation with multiple digital payment token service providers and foreign law enforcement agencies helped over 383 victims avoid losses exceeding S$17.4 million in crypto-related scam funds between September 1 and October 31. The operation was led by the police's Cyber Security Command, with partners including Coinbase, Coinhako, DTCPay, Gemini, Independent Reserve, OKX, StraitsX, Upbit, and others, and utilized on-chain analysis tools such as Chainalysis and TRM Labs along with customer information from trading platforms to conduct phone and in-person interventions against scams involving impersonation of officials, investments, and job searches.

Cross-border, the Cyber Security Command shared intelligence with the U.S. Federal Bureau of Investigation, the New South Wales Police in Australia, and the Canadian Anti-Fraud Centre, identifying 32 overseas victims and intervening before further losses occurred. Police stated they will continue to expand public-private cooperation and cross-border intelligence sharing. The fourth round of operations announced earlier in September had helped over 355 people avoid losses of approximately S$8.94 million.