Singapore uncovers an employee internal theft of crypto assets, involving nearly 8.83 million SGD

Odaily Planet Daily reported that Singapore has uncovered a case of employee infighting leading to the theft of cryptocurrency assets, amounting to nearly 8.83 million Singapore dollars. It is reported that the defendant Zhang Xinghua conspired with two former colleagues, including Singaporean Dai Yong and Singapore permanent resident Chen Chongxin, to illegally access their former employer’s cryptocurrency platform account after being dissatisfied with their dismissal, stealing approximately 8.83 million Singapore dollars worth of cryptocurrency in three separate incidents, and laundering the proceeds through multiple transfers and exchanges.

The case involves the platform SafeX, operated by DLT Ltd, which is registered in Seychelles. The three individuals previously held relevant technical and management positions and planned to establish their own operation after leaving, subsequently committing the theft. Currently, Zhang Xinghua has pleaded guilty to two charges and has been sentenced to two years in prison; Dai Yong is involved in the case, while Chen Chongxin is still at large. The case highlights the risks posed by internal personnel and the challenges of security and compliance for cryptocurrency assets. (Lianhe Zaobao)