BlockBeats News, May 9th. Former elite naval diver Captain Zhang Rongxuan from Singapore took advantage of a gathering opportunity with friends to obtain an access card. He then sneaked into an apartment while the victim was out, covertly took photos of the cold wallet seed phrase, and stole 1.7 million USDT. He later used the stolen funds to purchase luxury watches, gamble, repay his mortgage, etc. Zhang Rongxuan also served as the CEO in an NFT platform co-founded with the victim and used part of the stolen money to buy shares.

The defendant had previously admitted to multiple charges, including offenses under the Computer Misuse Act and money laundering. He was sentenced to six years and ten months in prison by a judge of the Singapore National Court. The police recovered some of the stolen assets, but the defendant did not substantially compensate the victim. The Singapore Ministry of Defense responded that the defendant is no longer a member of the armed forces.