Singapore Former Navy Officer Steals 1.7M USDT, Sentenced to 6 Years 10 Months

According to ChainCatcher, Chong Rong Xuan, a 35-year-old former Singapore naval officer, was sentenced to 6 years and 10 months in prison for stealing 1.7 million USDT (approximately 2.3 million Singapore dollars) from an acquaintance. The former captain of the Naval Diving Unit admitted to committing the theft after suffering significant losses from the FTX exchange collapse. The stolen funds were used for luxury watch purchases, gambling, and mortgage payments.

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