Gate News reports that on March 12, three men conspired to steal cryptocurrency worth over $6.9 million (approximately 8.8 million SGD) from the digital asset wallet on the SafeX trading platform. One of the men, 38-year-old Chinese national Zhang Xinghua, laundered part of the illicit proceeds using a cryptocurrency mixer. Prosecutors stated that if not for police intervention, Zhang Xinghua would have received more than $886,000 in cryptocurrency. On March 11, Zhang Xinghua pleaded guilty to conspiracy to misuse computer systems and handling proceeds of crime, and was sentenced to two years in prison by a Singapore court. In February this year, Zhang Xinghua returned 0.890262 Bitcoin (worth over $95,000) to the cryptocurrency wallet address provided by the SafeX operator DLT through his wife. To date, the Singapore Police Force has seized and/or frozen approximately $2.1 million worth of cryptocurrency. An additional approximately $4.8 million in cryptocurrency remains unrecoverable as it is stored in private wallets and wallets maintained by virtual asset service providers outside Singapore’s jurisdiction.
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