Man, 25, arrested after allegedly stealing S$50,000 during USDT cryptocurrency deal
A 25-year-old man has been arrested after allegedly making off with S$50,000 in cash during what was supposed to be a face-to-face cryptocurrency transaction in eastern Singapore.
According to the Singapore Police Force, officers were alerted to the alleged theft at around 11.55pm on 21 June 2026 along New Upper Changi Road. The victim had reportedly arranged to meet the suspect to purchase USDT, a widely used cryptocurrency stablecoin, in a deal worth S$100,000.
Preliminary investigations found that the victim had prepared the cash for the exchange and placed part of it on a nearby bench while completing the transaction. It is alleged that the suspect suddenly grabbed S$50,000 from the bench before fleeing the scene on foot.
Suspect identified through Police cameras and CCTV
Following the report, officers from Bedok Police Division launched investigations and conducted extensive ground enquiries. Investigators also reviewed footage captured by Police cameras and nearby CCTV systems to trace the suspect’s movements.
The combined efforts enabled officers to establish the identity of the 25-year-old man, who was arrested within a day of the incident. During the operation, police recovered S$7,450 in cash believed to be connected to the alleged offence.
The swift arrest highlights the Police’s continued use of surveillance technology and investigative work to identify suspects involved in crimes across Singapore.
Man to face theft charge
The suspect is expected to be charged in court on 24 June 2026 with theft under Section 379 of the Penal Code 1871.
If convicted, the offence carries a maximum penalty of three years’ imprisonment, a fine, or both.
The Police reiterated that they have zero tolerance for theft and other criminal acts. They added that firm enforcement action will continue to be taken against individuals who choose to disregard Singapore’s laws, including those who allegedly exploit high-value cash transactions involving cryptocurrency.