A former Singaporean military officer was sentenced to six years and ten months in prison for stealing 1.7 million USDT from his friend.

CoinFeed reported on May 9th that, according to Lianhe Zaobao, Zhang Rongxuan (35 years old, transliteration), a former Singapore Navy officer, stole 1.7 million Tether (nearly S$2.3 million) after learning that a friend had deposited cryptocurrency into a cold wallet. He spent the money on luxury watches, gambling, and paying off his mortgage. He has been sentenced to six years and ten months in prison. It is understood that Zhang Rongxuan was a captain in the Navy's elite Naval Diving Unit at the time of the incident. After meeting the victim, he and his friend operated a non-fungible token (NFG) trading platform. This platform belonged to Upstairs Research Pte Ltd and was owned by DiGi Selection Holdings Pte Ltd. After a security company tracked down the cryptocurrency wallet, Zhang Rongxuan admitted that he committed the crime because he suffered huge losses due to the collapse of the FTX exchange.