Singaporean Faces Charges for RM1.05 Billion Bitcoin Heist; Lavish Spending Includes RM2.2m Nightclu

KUALA LUMPUR - The Attorney General's Chambers of Malaysia has filed criminal charges against a 29-year-old Singaporean national, Zhang XX, for allegedly stealing Bitcoin worth RM1.05 billion (US$230 million) through a hacking scheme, potentially marking Southeast Asia's largest cryptocurrency theft case.

Court documents released in December 2023 reveal the defendant allegedly infiltrated the cold wallet system of an international cryptocurrency exchange in July 2022, illegally transferring 3,021 BTC. At current Bitcoin valuations, the stolen assets have appreciated to approximately RM1.56 billion.

Special Investigations Unit chief Ahmad Fadzil disclosed to our correspondent: "The suspect utilized multiple crypto mixers to launder proceeds, with forensic evidence showing extraordinary expenditures between 2022-2023:

A single-night expenditure of RM2,223,750 at Kuala Lumpur's Embassy Club

Acquisition of 31 luxury vehicles (including 5 Lamborghini Aventadors, 3 Ferrari SF90s)

Purchase of a RM18.5 million penthouse in Mont'Kiara

Chartered private jet services across Singapore, Malaysia, and Thailand"

Authorities have seized 27 vehicles valued at RM47.8 million and frozen multiple offshore bank accounts. However, approximately 40% of the stolen funds remain untraceable due to cryptocurrency's inherent anonymity features.

Under Section 4(1) of the Anti-Money Laundering Act 2001, the defendant risks 15 years' imprisonment and fines up to five times the illicit gains. The trial is scheduled for February 2024, with Interpol coordinating international asset recovery efforts.