Singapore Jails Man Over $6.9M SafeX Crypto Theft Case
A Singapore court sentenced Zhang Xinghua, a 38-year-old Chinese national, to two years in jail for conspiracy to misuse a computer system and dealing with the benefits of criminal conduct. Zhang was involved in a scheme that stole roughly $6.9 million from the SafeX crypto exchange after relations soured between King Coder, his employer, and SafeX’s parent company. An accomplice accessed SafeX’s crypto vaults without authorization, transferring funds to multiple wallets between June and August 2025. Zhang laundered over $1.6 million through the coin mixer Tornado Cash and was set to receive more than $886,000 in crypto if not for police intervention. The theft came to light after SafeX detected unusually low balances, leading to Zhang’s arrest. Authorities have frozen or seized approximately $2.1 million, though $4.8 million remains unaccounted for outside Singapore’s jurisdiction. Zhang also returned about $95,000 in Bitcoin. One accomplice remains at large. The case spotlights ongoing regulatory debates over coin mixers such as Tornado Cash, which can enable both illicit activity and legitimate financial privacy.
