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

**March 12 (Straits Times) — Three men conspired to steal more than $6.9 million (roughly $8.8 million Singapore dollars) in cryptocurrency from the wallet of SafeX, a crypto exchange platform.** One of the suspects, Zhang Xinghua, laundered a portion of the illicit proceeds using a cryptocurrency mixer. Prosecutors noted that without timely police intervention, Zhang would have received over $886,000 in crypto. On March 11, the 38-year-old Chinese national pleaded guilty to one count of conspiracy to commit computer misuse and one count of benefiting from criminal activity. He was sentenced to two years in prison. In February of this year, Zhang—through his wife—returned 0.890262 Bitcoin (valued at over $95,000) to the wallet address provided by DLT, the operator of SafeX. To date, the Singapore Police Force has seized or frozen approximately $2.1 million worth of cryptocurrency. Additionally, roughly $4.8 million in crypto remains unrecoverable: it is stored in private wallets outside Singapore’s jurisdiction and wallets maintained by virtual asset service providers.