The Singapore Police Force, in collaboration with cryptocurrency exchange StraitsX, has successfully concluded a joint operation targeting money laundering activities involving digital assets.
The operation resulted in the confiscation of over SGD 200,000 and the placement of 49 suspects under investigation. These individuals, comprising 35 males and 14 females aged between 18 and 58, are alleged to have facilitated illicit transactions.
Investigations revealed that suspects allegedly opened cryptocurrency and Singpass accounts, subsequently transferring control to criminal entities for payments ranging from SGD 400 to SGD 3,000. Communication platforms such as Telegram and WhatsApp were reportedly used to coordinate these activities, with suspects providing sensitive account information.
The partnership with StraitsX proved crucial, leveraging the exchange’s advanced technology to significantly enhance law enforcement’s ability to detect and trace suspicious transactions occurring on blockchain networks.