Singapore Court Sentences Zhang Xinghua for $6.9M SafeX Crypto Theft
- Zhang Xinghua, a Chinese national, received a two-year jail sentence for his role in the theft of $6.9 million from crypto exchange SafeX.
- He laundered over $1.6 million using Tornado Cash, a coin mixer that obscures transaction trails.
- Authorities have seized or frozen approximately $2.1 million in crypto, while about $4.8 million remains beyond reach.
Zhang was part of a three-man conspiracy that exploited vulnerabilities at SafeX following a business dispute with King Coder and DTL, leading to unauthorized access and significant crypto thefts between June and August.
The case underscores ongoing challenges in regulating coin mixers like Tornado Cash, which can complicate tracing illicit funds despite their potential legitimate uses for financial privacy. (Source)
