The police have issued a warning regarding a significant rise in cryptocurrency-related scams, urging the public to remain vigilant. According to an advisory released on March 8, the increase in scams involves fraudulent schemes primarily centered around investment opportunities, job offers, and impersonation of government officials. It was reported that victims lost approximately $182.2 million in cryptocurrency in 2025 alone due to these scams.
Victims often come across misleading advertisements on social media that promote enticing cryptocurrency investments or job opportunities. Upon clicking these ads, they are directed by scammers to set up cryptocurrency accounts and make purchases, which are presented as investment strategies or commissions for boosting cryptocurrency values. Once the victims comply, scammers ask them to transfer their cryptocurrencies to specific wallets, or even to share sensitive information such as login credentials and seed phrases. This exchange allows the scammers to seize control of the victims’ assets, leading to significant financial losses.
Another alarming trend involves scammers posing as government officials, falsely accusing victims of being involved in illicit activities like money laundering. Victims are then coerced into creating cryptocurrency accounts and transferring their assets under the guise of investigations or safeguarding measures. Many victims only discover they have been scammed when they fail to receive their promised “commissions” or profits, or when they attempt to verify claims with legitimate government agencies.
In its advisory, the police emphasized critical points for individuals to consider. They highlighted that cryptocurrency transfers are irreversible; therefore, once a transaction is made, recovering lost assets becomes exceedingly difficult. The police cautioned against engaging with any investment propositions or job opportunities that seem too good to be true, as they are often indicative of scams.
Furthermore, individuals are reminded to exercise caution when using cryptocurrency platforms. They should never disclose seed phrases, private keys, wallet passphrases, or authentication codes to anyone. If someone suspects they have been targeted by such a scam, they are advised to contact their cryptocurrency platform immediately to halt any further transactions. Additionally, reviewing and revoking any suspicious token approvals through wallet interfaces is recommended.
In instances where a wallet’s seed phrase has been compromised, it is crucial to transfer any remaining cryptocurrencies to a new wallet promptly. The public is also encouraged to report fraudulent cryptocurrency phishing websites to the Cyber Security Agency of Singapore via their incident reporting form or through email.
This advisory comes as a crucial reminder for anyone dealing with cryptocurrencies to remain cautious and to report any suspicious activity or encounters with potential scams.
