Over $182m lost in 2025: Police warn of increase in scam cases involving cryptocurrency transfers Singapore police have issued a warning about a surge in scams involving cryptocurrency transfers, with victims losing more than $182.2 million in 2025. The advisory highlights that scammers are increasingly targeting individuals through investment schemes, job offers, and impersonation of government officials. The police explained that these scams often begin with victims being directed to create cryptocurrency accounts and purchase digital assets for purported investment purposes or to earn commissions by artificially boosting cryptocurrency values. Once accounts are set up, scammers pressure victims to transfer their cryptocurrencies to designated wallets or share sensitive information such as seed phrases, wallet passphrases, private keys, or authentication codes. This allows the scammers to take control of the victims’ funds and withdraw them. Another common tactic involves impersonating government officials, who falsely accuse victims of involvement in criminal activities like money laundering. Victims are then instructed to transfer their cryptocurrencies to “secure” wallets for “investigations” or “safeguarding.” In such cases, victims typically realize they’ve been scammed when they fail to receive promised commissions or profits, or when they attempt to verify their situation with official authorities. The police emphasized that cryptocurrency transfers are irreversible, making it extremely difficult to recover stolen assets once transactions are completed. They urged the public to remain cautious of investment propositions or job opportunities that promise unusually high returns, as these are often red flags for scams.#scam #cryptocurrency #singapore_police #cyber_security_agency_of_singapore #investment_schemes
