Cryptocurrency Fraud
SGD 26,800
Recovered3
Wallets Traced11 Wks
ResolutionA victim of a fraudulent ICO recovered SGD 26,800 in Bitcoin
A Singaporean investor approached Сlaimonds Singapore after losing SGD 26,800 in a fraudulent ICO. The project promised a revolution in logistics through blockchain technology. With a detailed whitepaper and a fabricated advisory board, it appeared entirely legitimate.
The Background
The client invested in an ICO promising tokens with 1000% growth potential, paying in Bitcoin. The project was promoted through social media campaigns and fake influencer reviews.
Shortly after the token launch, the team disappeared. The website was taken down, social media accounts deleted, and the tokens became worthless. Blockchain analysis revealed that collected funds had been quickly distributed across multiple wallets to obscure the trail.
Our Strategy
Our team deployed advanced blockchain analysis tools to trace the path of the funds. We tracked each transaction through a complex network of wallets and determined that the funds had been transferred to accounts at a cryptocurrency exchange operating in Singapore.
In cooperation with the Monetary Authority of Singapore (MAS) and law enforcement agencies, we obtained the freezing of the relevant accounts and contacted the exchange's compliance department directly.
Outcome
After 11 weeks of methodical work, we returned the full SGD 26,800 in Bitcoin to our client. Every transaction was documented on the blockchain, contributing to the identification of the fraudsters and the initiation of criminal proceedings.
This case demonstrates that professional blockchain tracking techniques can enable fund recovery even in complex cryptocurrency fraud.
Take the First Step Toward Recovery
We represent clients across Singapore with verified losses starting from SGD 3,000. We do not handle disputes related to online purchases, offline transactions, or Telegram.