A Chinese citizen involved in the theft of 6.9 million dollars from the SafeX cryptocurrency exchange was sentenced to two years in prison in Singapore

According to Decrypt, Chinese citizen Zhang Xinghua was sentenced to two years in prison by a Singapore court for conspiring to abuse computer systems and handling criminal proceeds in connection with a theft of approximately $6.9 million at the SafeX cryptocurrency exchange.

Prosecutors stated that he conspired with two other accomplices, one of whom, Chen Chong Xin, who is still at large, accessed the SafeX crypto vault without authorization three times between June and August 2025, transferring over $6.9 million to multiple wallets. He then laundered part of the funds through Tornado Cash, depositing over $1.6 million in two transactions, which could have yielded over $886,000 in profits, but police intervened to stop it.

The case came to light after the SafeX system triggered a low balance alert. Singapore has frozen or seized approximately $2.1 million in related crypto assets, while about $4.8 million remains unrecoverable in offshore private wallets or with virtual asset service providers. Court hearings revealed that Zhang Xinghua returned approximately $95,000 in Bitcoin through his wife. Another accomplice in the case is still under investigation.