Two men have been accused of illegally accessing a computer platform and siphoning off millions in cryptocurrency, marking one of Singapore’s significant cybercrime cases.
On August 28, Singaporean Dai Yong, 36, and Chinese national Zhang Xinghua, 38, were formally charged in court, according to ST.
Each faces one count of misusing a computer system linked to the global cryptocurrency exchange SafeX.
The Alleged Cybercrime Incident
Investigators allege that Dai, Zhang, and other unidentified individuals worked together to carry out the offence around June 30.
According to police, a report was lodged on August 22, detailing several cases of unauthorized access to a cryptocurrency wallet, which led to unlawful transfers of digital assets valued at around S$8.3 million.
Swift Arrests and Recovery
The Cybercrime Command of the Criminal Investigation Department (CID) quickly identified the two suspects. Within four days, both men were arrested. Authorities also successfully recovered approximately US$1.2 million in stolen cryptocurrencies.
During the operation, police seized multiple electronic devices, including five laptops and four mobile phones, believed to be linked to the illicit activity.
Ongoing Court Proceedings
The case involving Dai and Zhang is set for further mention in court on September 5.
Under Singapore law, any first-time offender convicted of causing a computer system to perform unauthorized access can face up to two years in prison and a fine of up to S$5,000.
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