Singapore police arrested a suspect in a cryptocurrency scam attempting to leave the country, involving approximately 1.01 million USD

ChainCatcher news, according to Lianhe Zaobao, a woman is suspected of falling into a cryptocurrency investment scam, having handed over more than 1.3 million Singapore dollars (approximately 1.01 million US dollars) to a 23-year-old man since May. The Singapore police launched an investigation after receiving a report and arrested the man at the Woodlands checkpoint on June 20 as he attempted to leave the country.

The police stated that a bank reported to the authorities when the woman tried to withdraw a large sum of money, as the staff suspected she was a victim of a scam. The police then contacted the woman to understand the situation, and preliminary investigations showed that she had withdrawn over 300,000 Singapore dollars from another bank branch and handed it to the man in exchange for cryptocurrency.