Svmuu reported that former Singaporean naval officer Zhang Rongxuan (35, transliteration) stole 1.7 million USDT (nearly S$2.3 million) after learning that a friend had deposited cryptocurrency into a cold wallet. He spent the stolen funds on luxury watches, gambling, and repaying his mortgage, and was sentenced to six years and ten months in prison.
It is understood that Zhang Rongxuan was a member of the Naval Diving Unit at the time of the incident, holding the rank of Captain. After meeting the victim, he co-operated a non-fungible token trading platform with his friend. The platform was under Upstairs Research Pte Ltd and owned by DiGi Selection Holdings Pte Ltd. After security companies tracked the cryptocurrency wallet, Zhang admitted that he committed the crime due to the huge losses incurred from the collapse of the FTX exchange. (Lianhe Zaobao)