Chinese Citizen Sentenced to Two Years in Prison in Singapore for Involvement in $6.9 Million SafeX Crypto Exchange Theft Case

Odaily News A Chinese citizen, Zhang Xinghua, has been sentenced to two years in prison by a Singaporean court for his involvement in a conspiracy to misuse computer systems and handle criminal proceeds related to a theft of approximately $6.9 million (S$8.8 million) from the SafeX cryptocurrency exchange. Prosecutors stated that Zhang conspired with two other accomplices to commit the theft. Among them, Chen Chong Xin, who remains at large, allegedly gained unauthorized access to SafeX's crypto vaults three times between June and August 2025, transferring over $6.9 million to multiple wallets. Subsequently, part of the funds were laundered through Tornado Cash, with over $1.6 million deposited in two transactions. The scheme could have yielded profits exceeding $886,000, but police intervention prevented it. The case came to light after SafeX's 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 overseas private wallets or with virtual asset service providers. Court proceedings revealed that Zhang Xinghua returned approximately $95,000 worth of Bitcoin through his wife. Another accomplice involved in the case is still under investigation. (Decrypt)