Former Singapore Navy Captain sentenced to six years and ten months for stealing 1.7 million USDT from a friend

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BlockBeats News, May 9 — Former Singapore Navy elite diver Captain Zhang Rongxuan used a gathering with friends to obtain an access card, then sneaked into the apartment while the victim was out, took photos of the cold wallet seed phrase, and stole 1.7 million USDT. He then used the stolen funds to buy luxury watches, gamble, and pay off a mortgage. Zhang Rongxuan also served as CEO of an NFT platform co-operated with the victim and used part of the stolen money to buy shares.

The defendant previously admitted to multiple charges, including abuse of computer laws and money laundering-related crimes, and was sentenced by a Singapore High Court judge to six years and ten months in prison. Police recovered some of the stolen property, but the defendant did not substantially compensate the victim. The Singapore Ministry of Defence responded that the defendant is no longer a member of the armed forces.

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