Singapore Uncovers Case of Employees Colluding to Steal Crypto Assets, Involving Nearly S$8.83 Million

Odaily News Singapore has uncovered a case where employees colluded to steal crypto assets, involving nearly S$8.83 million. It is reported that the defendant, Zhang Xinghua, along with two former colleagues, including Singaporean Dai Yong and Singapore Permanent Resident Chen Chongxin, dissatisfied with being laid off, illegally accessed their former employer's crypto platform accounts. They stole cryptocurrency worth approximately S$8.83 million in three separate instances and engaged in "money laundering" through multiple transfers and exchanges.

The case involves the platform SafeX, whose operator DLT Ltd is registered in Seychelles. The three individuals previously held relevant technical and management positions. After leaving the company, they planned to start their own venture and carried out the theft. Currently, Zhang Xinghua has pleaded guilty to two charges and has been sentenced to two years in prison; Dai Yong is involved in the case, while Chen Chongxin remains at large. The case highlights the risks posed by insiders and the security and compliance challenges for crypto assets. (Lianhe Zaobao)