Singapore man gets 2-year sentence for involvement in $6.9M crypto theft

A Singapore court has sentenced a man to two years in jail for his involvement in a crypto theft that resulted in the loss of assets valued at more than $6.9 million.

Man sentenced to 2 years in jail over $8.8M crypto theft linked to hacked wallet

The case stemmed from an incident in which hackers gained unauthorised access to a crypto wallet and transferred digital assets out of it without the owner’s consent. Authorities said the accused was part of a group that helped facilitate the crypto theft after the compromised account was accessed through a computer system.

Investigations found that the operation involved several individuals who exploited access to a platform connected to a global cryptocurrency exchange.

Once the account was breached, cryptocurrencies worth roughly US$6.9 million, equivalent to about S$8.8 million, were transferred out of the wallet.

Singapore’s Cybercrime Command launched an investigation after receiving a report about multiple instances of unauthorised access to the wallet. Officers later identified suspects linked to the incident and carried out arrests within days of the complaint being filed.

Authorities were able to recover part of the stolen funds during the probe, along with several electronic devices such as laptops and mobile phones believed to have been used in the operation.

In court, the man admitted to his role in the offence and was sentenced to two years’ imprisonment. Under Singapore law, causing a computer system to perform unauthorised access can carry a jail term of up to two years and a fine for first-time offenders.

The case highlights growing concerns over cyber-enabled crimes targeting digital assets, as law enforcement agencies intensify efforts to track and recover stolen cryptocurrency linked to hacking and fraud schemes.