US$6.9 million (S$8.8 million) were stolen from the crypto wallet<\/span><\/a> of trading platform SafeX Virtual Asset Exchange.<\/p>\nOne of the men, Zhang Xinghua, laundered part of their ill-gotten gains by using a cryptocurrency mixer \u2013 a service that pools together many users\u2019 cryptocurrencies to hide the sources and ownership of the funds.<\/p>\n
The prosecution said Zhang would have gained more than US$886,000 in cryptocurrencies if not for the timely intervention of the police.<\/p>\n
On March 11, the 38-year-old Chinese national was sentenced to two years\u2019 jail after he pleaded guilty to one count each of being part of a conspiracy to misuse a computer system and dealing with the benefits of criminal conduct.<\/p>\n
Though his wife, he made restitution of 0.890262 Bitcoin \u2013 worth more than US$95,000 \u2013 to a cryptocurrency wallet address provided by the director of a company called DLT, which is SafeX\u2019s operator, in February.<\/p>\n
To date, the Singapore Police Force has seized and\/or frozen about US$2.1 million worth of cryptocurrencies. <\/p>\n
Around US$4.8 million in cryptocurrencies remain beyond its reach as they are in private wallets and wallets maintained by virtual asset service providers located outside of Singapore\u2019s jurisdiction. <\/p>\n
One of Zhang\u2019s alleged accomplices is Singaporean Dai Yong, 36, whose case in pending.<\/p>\n
Court documents stated that the third man, Singapore permanent resident Chen Chong Xin, 36, is still at large.<\/p>\n
Deputy public prosecutors Matthew Choo and Gabriel Gan told the court the trio used to work for a company called King Coder.<\/p>\n
It managed various platforms and accounts used in the operations of DTL\u2019s businesses, including SafeX.<\/p>\n
In or before May 2025, the relationship between the trio and DLT\u2019s director broke down due to disputes over SafeX. <\/p>\n
The three men stopped working for King Coder and decided to start a new company that would operate a trading platform similar to SafeX.<\/p>\n
Before May 18, 2025, they met at Chen\u2019s home to discuss how to obtain investments for their new company.<\/p>\n
At another meeting, Chen told the other two men that he could obtain funds from SafeX.<\/p>\n
\u201cZhang asked Chen how he was able to obtain the funds, but Chen informed him to not ask too much,\u201d said the DPPs.<\/p>\n
\u201cAs Zhang was still aggrieved about their departure from SafeX and their disputes with (the director), Zhang, together with Dai, agreed to Chen\u2019s proposal.\u201d <\/p>\n
None of the three men was authorised to access SafeX\u2019s cryptocurrency vaults. <\/p>\n
However, Chen somehow managed to access the vaults on three occasions between June and August 2025, said the DPPs.<\/p>\n
He transferred cryptocurrencies worth over US$6.9 million to different wallets.<\/p>\n
The court heard that Zhang had earlier provided Chen with details of his wife\u2019s Binance cryptocurrency account.<\/p>\n
The account received a portion of the ill-gotten gains.<\/p>\n
Chen later told Zhang that using the Binance account could be risky as the funds could be \u201ceasily traced\u201d.<\/p>\n
The DPPs said Chen then asked Zhang to find a better method of obfuscating the flow of cryptocurrencies taken from SafeX.<\/p>\n
Zhang then researched a cryptocurrency mixer known as Tornado Cash.<\/p>\n
In July 2025, he deposited cryptocurrencies worth over US$1.1 million into Tornado Cash.<\/p>\n
The following month, he made another deposit worth more than US$523,000.<\/p>\n
The offences came to light on Aug 13, 2025, when technical engineers told the DLT director about an error alarm triggered by SafeX\u2019s system. <\/p>\n
The alarm indicated that SafeX\u2019s vault balances were low \u2013 less than US$50,000.<\/p>\n
The director then discovered that somebody had made unauthorised access to SafeX\u2019s vaults on three occasions.<\/p>\n
He made a police report on Aug 22, 2025, and Zhang was arrested four days later.<\/p>\n<\/div>\n
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