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

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 a theft case involving approximately $6.9 million at the SafeX cryptocurrency exchange.

The prosecution stated that he conspired with two other accomplices to commit the theft, including Chen Chong Xin, who is still at large. Between June and August 2025, Chen accessed the SafeX cryptocurrency vault three times without authorization, 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 cryptocurrency assets, while about $4.8 million remains unrecoverable in overseas private wallets or with virtual asset service providers. During the trial, it was revealed that Zhang Xinghua returned approximately $95,000 in btc-42">Bitcoin through his wife. Another accomplice in the case is still under investigation.