A Singapore court has sentenced Chinese national Zhang Xinghua, 38, to two years in jail after he pleaded guilty to conspiracy to misuse a computer system and dealing with benefits of criminal conduct, in a case involving the theft of approximately $6.9 million (S$8.8 million) from crypto exchange SafeX.
The matter came to light after SafeX systems reportedly triggered a low-balance alarm in August 2025, prompting internal technical checks and a police report. Zhang was arrested days later.
Singapore authorities said they have seized or frozen around $2.1 million in crypto linked to the case. Prosecutors told the court that about $4.8 million remains beyond reach in private wallets and wallets maintained by virtual asset service providers outside Singapore's jurisdiction.
One alleged accomplice’s case remains pending.
Tornado Cash and crypto mixers
