Singapore man was sentenced to two years in prison for assisting in illegal transfer of US$6.5 million in crypto assets

A man in Singapore has been sentenced to two years in prison for assisting a former colleague in illegally transferring and launder approximately S$8.83 million (US$6.5 million) of crypto assets. The case showed that after three former employees resigned due to a dispute, they hacked into the account of SafeX, a crypto trading platform owned by the original company DLTLtd, and transferred funds in three batches between June and August 2025. After receiving funds through his wife's account, the person involved in the case converted them into Bitcoin and stablecoin USDT multiple times, and distributed them into multiple wallets to cover up the flow direction. Some of the funds have been cashed out for personal expenses. One person involved in the case is still at large.