Singapore Jails Man Over $6.9M SafeX Crypto Theft Case – Decrypt

A Singapore courtroom has sentenced Chinese language nationwide Zhang Xinghua, 38, to 2 years in jail after he pleaded responsible to conspiracy to misuse a pc system and coping with advantages of felony conduct, in a case involving the theft of roughly $6.9 million (S$8.8 million) from crypto trade SafeX.

In accordance with reviews in native media, Zhang was a part of a three-man conspiracy that robbed SafeX following a breakdown in enterprise relations between the agency they labored at, King Coder, and the trade’s mum or dad firm DTL.

Prosecutors mentioned that one member of the trio, Chen Chong Xin, who stays at massive, accessed SafeX crypto vaults with out authorization on three events between June and August 2025, transferring over $6.9 million in crypto to a number of wallets.

Zhang subsequently laundered a part of the proceeds by way of Twister Money, a coin mixer used to obscure transaction trails, with courtroom statements noting that he deposited over $1.6 million throughout two transactions between July and August 2025. Prosecutors added that Zhang would have obtained greater than $886,000 in crypto absent police intervention.

The matter got here to mild after SafeX methods reportedly triggered a low-balance alarm in August 2025, prompting inside technical checks and a police report. Zhang was arrested days later.

Singapore authorities mentioned they’ve seized or frozen round $2.1 million in crypto linked to the case. Prosecutors informed the courtroom that about $4.8 million stays past attain in personal wallets and wallets maintained by digital asset service suppliers exterior Singapore’s jurisdiction.

Courtroom proceedings additionally acknowledged that Zhang made restitution of round $95,000 in Bitcoin by way of his spouse, after her Binance account was used to obtain a portion of the ill-gotten positive aspects.

One alleged confederate’s case stays pending.

Twister Money and crypto mixers

The case highlights the continued debate over coin mixers similar to Twister Money, whose founder Roman Storm was final 12 months discovered responsible of working an unlicensed cash transmitter. Final week, federal prosecutors requested Storm’s retrial on extra critical money-laundering and sanctions evasion fees deadlocked by a jury at his earlier trial.

Storm’s predicament comes amid blended indicators out of Washington relating to coin mixers, nevertheless. In March 2025, the U.S. Treasury lifted sanctions on Twister Money, whereas this month it issued a report noting that mixers could have reliable makes use of to allow monetary privateness for lawful customers.