Singapore Ex-Navy Officer Sentenced to 6 Years 10 Months for Stealing 1.7M USDT After FTX Collapse

According to ChainCatcher, a 35-year-old former Singapore Navy captain, Zhang Rongxuan, was sentenced to six years and ten months in prison for stealing 1.7 million USDT (approximately 2.3 million Singapore dollars) from a friend's cold wallet. The defendant, who held the rank of captain in the Naval Diving Unit, confessed to the theft after security firms traced the cryptocurrency wallet, stating he committed the crime following substantial losses incurred from the FTX exchange collapse.

Zhang had known the victim through their joint operation of an NFT trading platform under Upstairs Research Pte Ltd, owned by DiGi Selection Holdings Pte Ltd. The stolen funds were used for purchasing luxury watches, gambling, and paying off mortgage debts.