The Singapore government has revealed the number of crypto scams reported to the police over the past three years.
In a written response to a parliamentary question about crypto scams in Singapore, Home Affairs and Law Minister K. Shanmugam wrote:
In 2019, police received 125 reports related to cryptocurrency scams. This number increases to 397 in 2020 and 631 in 2021.
“The majority of crypto scams are carried out by scammers based outside of Singapore.” Minister Shanmugam added, further explaining:
Our ability to deal with these cases will depend on the degree of cooperation from law enforcement abroad, as well as our ability to track down these scammers. However, we have increased our investigative efforts.
The Singapore Police Force established a cryptocurrency task force in 2018, the minister noted.
Concluding, Minister Shanmugam emphasized:
However, the best defense is an informed public. To that end, we have ramped up community education efforts to educate the public about crypto-related scams.