A former Singapore navy officer received 6 years and 10 months in prison after stealing 1.7 million USDT from a cold wallet; he said losses tied to the FTX collapse contributed to the offense.
A former Singapore navy officer was sentenced to 6 years and 10 months in prison for stealing 1.7 million USDT worth nearly S$2.3 million after learning that a friend had stored cryptocurrency in a cold wallet. Existing reporting on the case said the stolen funds were used on luxury watches, gambling, and mortgage repayment. The new report adds that he admitted losses from the FTX collapse contributed to the crime.