On March 29, a Singaporean man was sentenced to two years in prison for assisting his former colleagues in the illegal transfer and laundering of approximately S$8.83 million (about US$6.5 million) in cryptocurrency assets. The case revealed that three former employees, after leaving due to a dispute, infiltrated the accounts of their former company DLT Ltd's crypto trading platform, SafeX. Between June and August 2025, they transferred funds out in three separate instances. The involved parties received the funds through the accounts of their wives, then repeatedly exchanged them for Bitcoin and the stablecoin USDT, and dispersed them into multiple wallets to obscure the flow. Some of the funds were cashed out for personal expenses. One individual involved in the case is still at large.
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Singapore Man Jailed Two Years for Aiding Illegal Transfer of $6.5 Million in Crypto Assets
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