Singapore Police Collaborate with Multiple Exchanges to Stop Crypto Scams, Avoiding Over $4.2 Million in Losses

TechFlow news, July 12, according to Bitcoin.com, Singapore police launched a six-week operation aimed at preventing potential scam victims from transferring funds through blockchain analysis. The operation was conducted by the Anti-Scam Centre and the Cyber Crime Investigation Section jointly with Coinbase and multiple cryptocurrency exchanges, leveraging blockchain analysis tools from Chainalysis and TRM Labs to identify and contact more than 145 potential victims, stopping relevant scam activities before funds were transferred out, and avoiding a total of over $4.2 million in potential losses. The police stated that they will continue to cooperate with exchanges and the private sector in the future to advance proactive, intelligence-driven cybercrime prevention work.