<b>Singaporean Ex-Navy Captain Jailed for Crypto Theft</b>

A former Singaporean Navy Captain, Zhang Rongxuan, has been sentenced to six years and ten months in prison for his role in a cryptocurrency theft case.

According to court documents, Zhang took advantage of a social gathering with friends to obtain an access card, which he used to enter the victim's apartment while they were out. He then covertly photographed the cold wallet seed phrase and stole 1.7 million USDT from the victim's account.

The stolen funds were allegedly used to purchase luxury watches, gamble, repay his mortgage, and even buy shares in an NFT platform co-founded with the victim. However, despite admitting to multiple charges including offenses under the Computer Misuse Act and money laundering, Zhang did not substantially compensate the victim for their losses.

The Singapore Ministry of Defense confirmed that Zhang is no longer a member of the armed forces. The police were able to recover some of the stolen assets but it remains unclear how much was recovered or returned to the victim.