Singapore, Coinbase Stop $4.2M in Crypto Scam Transfers

Singapore police and the crypto exchange Coinbase blocked more than $4.2 million in suspected scam transfers last week, the agencies said Tuesday. The operation flagged outgoing transactions before they reached scammers, allowing authorities to freeze the funds.

The effort used real-time monitoring of wallet addresses linked to known scam networks, according to a joint statement. Victims were contacted directly before the transfers cleared. Coinbase and at least two other exchanges participated, the statement said.

The intervention is part of a broader push by Singapore to curb crypto fraud. The city-state has tightened licensing rules for digital-asset firms and expanded cooperation with exchanges on suspicious transaction reporting.

The police did not say whether any arrests were made in connection with the blocked transfers.