A person in Singapore has admitted to stealing over 1,000,000 {dollars} in cryptocurrency after secretly taking a photograph of a handwritten restoration phrase inside one other individual’s condominium.
The person, Teo Rong Xuan, previously labored as a diver within the Singapore Armed Forces.
He faces expenses for breaking into a house, misusing a pc system, and utilizing stolen funds, based on court docket information shared on October 1.
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Teo had met the sufferer, a Chinese language man dwelling in Singapore, by a good friend in 2022. At a gathering to look at a soccer match on the sufferer’s house, Teo managed to get a duplicate of the condominium’s entry card by claiming to assist one other visitor.
On December 31, 2022, Teo used the cardboard to enter the condominium whereas the sufferer was not house. He discovered the piece of paper, took a photograph of the phrase, and left.
The next day, he used that data to switch $1.7 million price of USDT
$1.00
into his personal account.
Investigators later discovered that Teo had used the stolen cash on gadgets like luxurious watches, playing web sites, and to repay his house mortgage. He additionally transferred round $1.1 million into his checking account after changing it into US {dollars}.
The theft was found after the sufferer observed the lacking funds. Blockchain monitoring instruments have been used to hint the stolen cryptocurrency to Teo. He acted out of economic stress after dropping cash when crypto alternate FTX collapsed in 2022.
A Chinese language lady, Zhimin Qian, was not too long ago admitted to a UK court docket for holding and buying prison property price 61,000 Bitcoin
$120,463.49
. How does the case unfold? Learn the total story.
