Three Men Team Up to Steal Nearly $7 Million in Crypto Assets from SafeX Platform, Mastermind Arrested in Singapore After Laundering

BlockBeats News, March 12th, according to the Straits Times, three men conspired to steal over $6.9 million (approximately $8.8 million SGD) worth of cryptocurrency from the SafeX cryptocurrency exchange platform's wallet.

One of the men, Zhang Xinghua, laundered some of the illegal proceeds using a cryptocurrency mixer. Prosecutors stated that if it weren't for timely police intervention, Zhang Xinghua would have received over $886,000 in cryptocurrency.

On March 11th, the 38-year-old Chinese citizen admitted to one count of conspiracy to commit computer misuse and one count of benefiting from criminal conduct and was sentenced to two years in prison.

In February this year, Zhang Xinghua, through his wife, returned 0.890262 BTC (worth over $95,000) to the wallet address provided by DLT, the operator of SafeX.

As of now, the Singapore Police Force has seized and/or frozen around $2.1 million worth of cryptocurrency.

Additionally, around $4.8 million worth of cryptocurrency remains unrecoverable as it is stored in private wallets outside Singapore's jurisdiction and wallets maintained by virtual asset service providers.