Rising Cryptocurrency Romance Scams in Singapore—Women Deceived Out of $120,000

Romance scams exploiting cryptocurrencies are becoming increasingly serious within Singapore. According to authorities, an incident occurred where a woman was deceived into transferring assets worth $120,000, her lifelong savings, to a fraudster through a false romantic relationship overseas. This case vividly illustrates how new scam techniques are becoming more sophisticated alongside the rapid proliferation of digital assets.

Tragedy of a Single Mother Betrayed by False Love

The victim built her relationship solely through WhatsApp exchanges. Despite maintaining voice calls and messages for over a year, she never saw the face of her scammer. Nevertheless, she was preparing to start a new life with this “partner” outside Singapore.

In a highly critical situation, she had already withdrawn her two children from school, packed her belongings, and was making arrangements to travel abroad. This tragic plan was nearly executed until Officer Lee Hwa Sheng, part of the Crypto Asset Tracking Team (CTT) under the Anti-Scam Command (ASC), contacted her after receiving alerts about suspicious bank withdrawals.

The day before her scheduled departure, she met with the officer. She was unaware that her “lover” had stopped messaging her. Officer Lee stated that through a detailed interview lasting over three hours, he realized she could have avoided an even more tragic outcome. “If she had flown abroad, she and her two young children would have been stranded without financial assistance,” he said.

Blockchain Analysis Uncovers Fraud Network

Officer Lee used blockchain analysis techniques to trace the flow of funds. It was revealed that the money from the woman’s wallet was laundered through multiple scam-related addresses. While this discovery was technically significant, it brought a harsh reality for the victim.

When the officer explained the investigation results, the victim suddenly understood the meaning of the scammer’s silence and avoidance, and she broke down in tears. This moment symbolized the brutal nature of scams in the digital asset era.

After the incident, the officer contacted her family and urged them to provide support. “She is now recovering and moving towards a better situation,” he said.

The Reality of Cryptocurrency Scams in Singapore

Fraud cases within Singapore have reached a serious scale. Throughout 2024, approximately $1.1 billion was lost to scammers, with about a quarter involving digital assets. Shockingly, there are reports of victims losing up to $125 million in digital assets through malware-based scams.

In the first half of 2025, Bitcoin and Ethereum topped the scam victim statistics, with losses exceeding $81.6 million in these cryptocurrencies.

New Measures by Authorities—Role of the Crypto Tracking Team

Singapore authorities recognized the need for specialized units to handle digital assets and approved the full operation of CCT in March. Despite only being operational for eight months, this team plays a crucial role in addressing the growing threat of scam proceeds moving into digital assets like Bitcoin.

Desmond Chia, the head of CTT, explained the background of its establishment: “Globally, people are gaining a deeper understanding of cryptocurrencies, and scammers are noticing this trend.” He pointed out that digital assets provide an efficient means for money laundering without involving banks, which is problematic.

Officials are trained to monitor wallet movements, freeze wallets, and recover assets effectively, aiming to prevent real-time crypto scams.

Evolving Scam Techniques—Exploiting Victims’ Lack of Knowledge

Officer Lee warned that modern scammers deliberately exploit victims’ lack of knowledge about cryptocurrencies. There have been reports of scammers claiming to help with digital asset investments, only to collect funds from multiple participants and then disappear.

Romance scams have also become more sophisticated, with long-term trust-building strategies that prey on victims’ psychological vulnerabilities. In this case, communication lasted over a year, fully eroding the victim’s suspicion.

Future Outlook and the Need for Vigilance

Crypto-related scams in Singapore are not just financial losses—they cause family divisions, disrupt life plans, and inflict psychological trauma, among other multifaceted damages.

While authorities continue to strengthen advanced tracking techniques and real-time response systems, they emphasize that improving citizens’ digital literacy is essential. Whether it’s romance scams or investment frauds, maintaining a cautious and well-informed attitude among Singaporeans is the most crucial line of defense against scammers.