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.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
