A Chinese citizen was sentenced to two years in prison in Singapore for his involvement in the theft of $6.9 million from the SafeX cryptocurrency exchange.

Chinese citizen Zhang Xinghua was sentenced to two years in prison by a Singapore court for conspiring to abuse computer systems and handle proceeds of crime in a theft of approximately US$6.9 million (S$8.8 million) from the SafeX cryptocurrency exchange. Prosecutors stated that he conspired with two accomplices, one of whom, Chen Chong Xin, who is still at large, made three unauthorized accesses to the SafeX cryptocurrency vault between June and August 2025, transferring over US$6.9 million to multiple wallets. He then laundered some of the funds using Tornado Cash, depositing over US$1.6 million in two transactions, potentially earning over US$886,000 in profit, but police intervened to stop it. The case came to light after the SafeX system triggered a low balance alert. Singapore has frozen or seized approximately US$2.1 million in related cryptocurrency assets, while approximately US$4.8 million remains unrecoverable in overseas private wallets or virtual asset service providers. During the trial, it was revealed that Zhang Xinghua returned approximately US$95,000 worth of Bitcoin through his wife. Another accomplice in the case is still under investigation. (Decrypt)