SINGAPORE – More than 383 victims avoided losing over $17.4 million to cryptocurrency scams following a two-month joint crackdown by the police, digital payment token (DPT) service providers, and foreign law enforcement agencies.

The operation, which ran from Sept 1 to Oct 31, was the fifth blitz of its kind targeting crypto-related fraud, the police said in a statement on Nov 5.

The operation was led by the police’s Cyber Command team, in partnership with DPT service providers including Coinbase, Coinhako, DTCPay, Gemini, Independent Reserve, OKX, StraitsX and Upbit.

Through advanced blockchain analysis using tools from Chainalysis and TRM Labs, the authorities identified victims across multiple types of scams, including government…