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Singapore Police and StraitsX Target Crypto-Linked Money Laundering
Singapore police, in partnership with local cryptocurrency platform StraitsX, conducted a two-week enforcement operation from May 13 to May 30 aimed at cracking down on money laundering involving cryptocurrency accounts.
Authorities seized over S$200,000 and are investigating 49 individuals—35 men and 14 women, aged 18 to 58. Preliminary findings suggest these individuals sold or transferred control of their cryptocurrency or Singpass accounts for rewards ranging from S$400 to S$3,000. They were typically contacted via Telegram or WhatsApp, where they were instructed to provide screenshots, personal data, and account access. These accounts were then used to launder scam proceeds.
The police emphasized that their partnership with StraitsX has strengthened detection efforts. The collaboration introduced advanced technological tools that enabled the identification and tracking of suspicious accounts, playing a key role in the success of the operation.
