Singapore’s Police Force and the Cyber Security Agency of Singapore have issued a joint advisory after losses of approximately $11.8 million from sophisticated cryptocurrency job scams. Authorities said the schemes often begin on social media or professional networks, where fake recruiters offer remote jobs or investment returns. Victims are guided through opening crypto accounts and buying tokens, and in many cases are persuaded to hand over credentials or seed phrases, allowing attackers to drain accounts.
In one documented corporate case, a fake LinkedIn job offer led a victim to download malware during a coding test on a company-issued device. The scammers captured login session data, bypassed multi-factor authentication, and moved through internal systems to obtain credentials that allowed them to circumvent transfer limits and approval procedures, ultimately stealing digital assets.
Singapore authorities carried out three joint operations with exchanges in 2026. The first, between March 16 and April 15, prevented nearly S$2.86 million in damages with Coinbase and Upbit. A second six-week operation between April and May prevented losses exceeding S$4.2 million with seven firms. A third operation in June recovered more than S$2.9 million and reached out to more than 130 potential victims. Chainalysis and TRM Labs provided blockchain tracing tools, and Singapore police shared intelligence with the FBI and the New South Wales Cybercrime Squad. Cryptocurrencies accounted for nearly one fifth of all scam losses in Singapore during 2025.
