According to The Straits Times, a former Singapore naval officer, Zhang Rongxuan (35), was sentenced to 6 years and 10 months in prison for stealing 1.7 million USDT (approximately SGD 2.3 million) from a friend’s cold wallet. Zhang, a captain in the Naval Diving Unit, admitted that financial losses from the FTX collapse prompted the theft. He spent the stolen funds on luxury watches, gambling, and mortgage repayment.
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