Chinese national used crypto mixer to launder funds from hacked trading platform
A Chinese national has been sentenced to jail in Singapore for his role in a cryptocurrency theft conspiracy that siphoned more than US$6.9 million from the SafeX Virtual Asset Exchange.
Man Jailed Over Multi-Million Crypto Theft
A 38-year-old Chinese national has been sentenced to two years in jail for his involvement in a cryptocurrency theft linked to the SafeX Virtual Asset Exchange.
Zhang Xinghua pleaded guilty to charges of conspiracy to misuse a computer system and dealing with the benefits of criminal conduct.
US$6.9 Million Stolen from SafeX
The case involved a scheme where cryptocurrencies worth more than US$6.9 million (S$8.8 million) were transferred out of SafeX’s crypto vaults.
Authorities said one accomplice gained unauthorised access to the platform’s vaults on three occasions between June and August 2025.
Laundering Through Crypto Mixer
Zhang later attempted to obscure part of the stolen funds using a cryptocurrency mixer known as Tornado Cash.
Investigators said he deposited more than US$1.6 million worth of cryptocurrencies into the service to hide the origins of the funds.
Police Seize Part of Stolen Assets
The Singapore Police Force has seized or frozen around US$2.1 million worth of the stolen cryptocurrency.
However, roughly US$4.8 million remains beyond authorities’ reach as the funds are held in private wallets and overseas crypto platforms.
Accomplices Still Facing Action
One alleged accomplice, Singaporean Dai Yong, is currently facing legal proceedings.
Another suspect, Singapore permanent resident Chen Chong Xin, remains at large and is still being sought by authorities.
The case highlights the growing challenges law enforcement faces in tackling cybercrime involving digital assets. Singapore authorities continue to pursue remaining suspects and trace the stolen funds as part of ongoing investigations.
Sources: Straits Times (2026)
Keywords: Singapore Cryptocurrency Theft, SafeX Crypto Hack Case, Tornado Cash Laundering Singapore, Crypto Crime Singapore Court, SafeX Virtual Asset Exchange Theft
