Former Singapore Naval Officer Sentenced for Cryptocurrency Theft

A former Singapore naval officer, Zhang Rongxuan, aged 35, has been sentenced to six years and ten months in prison for stealing 1.7 million Tether tokens. According to Odaily, Zhang took the cryptocurrency from a friend's cold wallet and spent it on luxury watches, gambling, and paying off his mortgage. At the time of the crime, Zhang was part of the elite Naval Diving Unit with the rank of captain. He was acquainted with the victim and co-managed a non-fungible token trading platform, which was affiliated with Upstairs Research Pte Ltd and owned by DiGi Selection Holdings Pte Ltd. Following an investigation by a security company that tracked the cryptocurrency wallet, Zhang admitted to committing the crime due to significant financial losses from the collapse of the FTX exchange.