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Deep Tide TechFlow News, May 9th, according to Lianhe Zaobao, former Singapore Navy elite diver officer Zhang Rongxuan (35 years old) took advantage of a friend's absence, used a pre-stolen access card to enter his apartment, found the cold wallet seed phrase inside a wardrobe and took photos for record, then stole the friend's 1.7 million Tether (approximately 2.3 million SGD).
The stolen funds were used to buy luxury watches, gamble, and pay off a mortgage, with gambling losses reaching over 1.56 million SGD.
After the incident, a blockchain security company successfully traced the wallet to the defendant, who admitted that he committed the crime due to huge losses from FTX's collapse.
The defendant faced 16 charges, pleaded guilty to six of them, and was sentenced to six years and ten months in prison on Friday (May 8th) at the National Court.