Singapore sentences man involved in $6.9 million SafeX theft to two years in prison

PANews reported on March 12 that, according to Decrypt, a Singapore court sentenced 38-year-old Chinese national Zhang Xinghua to two years in prison for conspiracy to abuse a computer system and handle proceeds of crime. The case involved the theft of approximately US$6.9 million (about S$8.8 million) from the cryptocurrency exchange SafeX. Prosecutors stated that his accomplice, Chen Chong Xin, made three unauthorized accesses to SafeX's cryptocurrency vault between June and August 2025, transferring funds to multiple wallets. Zhang then laundered the money through Tornado Cash, depositing over US$1.6 million in two separate transactions, potentially profiting approximately US$886,000, but was stopped by police. Police have seized or frozen approximately US$2.1 million in related cryptocurrency assets, with approximately US$4.8 million still remaining in overseas private wallets and service provider platforms; another suspect's case is still under investigation.