Singapore authorities, in collaboration with blockchain analytics firm Chainalysis, successfully prevented over $2.86 million in cryptocurrency scam losses during a one-month anti-scam operation. The operation ran from March 16 to April 15, 2026, and involved the Singapore Police Force's Anti-Scam Centre (ASC) and the Cyber Investigation Branch (CIB).
Law enforcement partnered with major crypto exchanges including Coinbase, Coinhako, Gemini, Independent Reserve, StraitsX, and Upbit. Using blockchain analysis tools from Chainalysis and TRM Labs, investigators tracked suspicious transactions in real time. This allowed rapid identification of over 90 potential scam victims, who were contacted directly by phone or in person to stop further losses.
The operation targeted four distinct scam categories: investment scams, job scams, romance scams, and government impersonation scams. Each type increasingly relies on cryptocurrency for moving stolen funds due to its speed and cross-border nature.
In a separate but related enforcement action, the U.S. Justice Department announced the restraint of over $700 million in cryptocurrency linked to Southeast Asian scam centers targeting Americans. Two Chinese nationals, Huang Xing Shan and Jiang Wen Jie, were charged with wire fraud conspiracy for managing the Shunda Park compound in Myanmar. Workers there were allegedly trafficked and forced to run crypto fraud schemes through fake investment websites. The FBI reported that scammers posed as trusted contacts or officials before directing victims to fake crypto platforms.
The U.S. crackdown also resulted in the seizure of 503 scam websites, a Telegram channel used for recruitment, over 1,300 computers, and thousands of phones. Huang and Jiang were arrested in Thailand. The Treasury Department sanctioned Cambodian senator Kok An and related businesses, while the State Department offered rewards for information on scam operators and proceeds.
