TechFlow News, May 9: According to Singapore’s Lianhe Zaobao, Zhang Rongxuan (35), a former captain of Singapore’s elite naval diving unit, entered his friend’s apartment using a previously retained access card while the friend was away. He located the friend’s cold wallet recovery phrase inside a wardrobe, photographed it, and subsequently stole 1.7 million USDT (approximately S$2.3 million) stored by the friend. The illicit proceeds were used to purchase luxury watches, gamble, and repay his home mortgage—of which gambling losses alone amounted to over S$1.56 million. Following the incident, a blockchain security firm successfully traced the stolen funds to the defendant’s wallet. The defendant admitted committing the crime due to massive financial losses suffered after the collapse of FTX. Facing 16 charges in total, he pleaded guilty to six. On Friday, May 8, he was sentenced to six years and ten months’ imprisonment at the State Courts.
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