Singapore police have busted a case involving the theft of crypto assets due to internal strife, with the amount involved reaching nearly S$8.83 million.

Singapore has busted a case involving employee infighting and the theft of crypto assets, with nearly S$8.83 million involved. The defendant, Zhang Xinghua, along with two former colleagues, including Singaporean citizen Dai Yong and Singapore permanent resident Chen Chongxin, allegedly hacked into their former employer's cryptocurrency platform account due to dissatisfaction with their dismissal. They stole approximately S$8.83 million worth of cryptocurrency in three separate transactions and laundered it through multiple transfers and exchanges. The case involves the platform SafeX, whose operator, DLT Ltd, is registered in Seychelles. The three individuals previously held related technical and management positions before leaving the company to start their own business and commit the theft. Zhang Xinghua has pleaded guilty to two charges and been sentenced to two years in prison; Dai Yong is implicated, while Chen Chongxin remains at large. This case highlights insider risks and the challenges of cryptocurrency security and compliance. (Lianhe Zaobao)