SINGAPORE — Two men have been charged in Singapore for allegedly stealing US$6.5 million (S$8.3 million) in cryptocurrency after gaining unauthorized access to a computer system belonging to global crypto exchange SafeX.
Dai Yong, 36, a Singaporean, and Zhang Xinghua, 38, a Chinese national, were each charged on August 28 with unauthorized use of a computer system. The offence reportedly took place around June 30, according to court documents.
Singapore police stated that a report was made on August 22 about multiple unauthorized access incidents involving a cryptocurrency wallet, which led to illegal transfers of digital assets.
Following an investigation by the Cybercrime Command of the Criminal Investigation Department, the two suspects were identified and arrested on August 26.
Authorities successfully recovered about US$1.2 million of the stolen cryptocurrency. In addition, five laptops and four mobile phones were seized as part of the probe.
The cases involving Dai and Zhang are scheduled to be mentioned again in court on September 5.
Under Singapore law, unauthorized access to a computer system is punishable by up to two years in jail and a fine of up to S$5,000 for first-time offenders. Repeat offenders face up to three years’ imprisonment and a fine of up to S$10,000.
