A Chinese citizen involved in the SafeX cryptocurrency exchange $6.9 million theft case was sentenced to two years imprisonment in Singapore

Mars Finance News: Chinese citizen Zhang Xinghua was sentenced to two years in prison by a Singapore court for participating in conspiracy to abuse computer systems and handling criminal proceeds in the approximately $6.9 million theft at SafeX cryptocurrency exchange. Prosecutors stated that he conspired with two accomplices, including Chen Chong Xin, who is still at large, to illegally access SafeX vault three times between June and August 2025, transferring over $6.9 million to multiple wallets. He then laundered part of the funds through Tornado Cash, depositing over $1.6 million in two transactions. The original profit could have exceeded $886,000, but police intervened to stop it. The case was exposed after a low balance alert was triggered in the SafeX system. Singapore has frozen or seized about $2.1 million in related crypto assets, while approximately $4.8 million remains in overseas private wallets or virtual asset service providers and cannot be recovered. During the trial, Zhang Xinghua returned about $95,000 worth of Bitcoin through his wife. Another involved accomplice is still under investigation.