A Singaporean man has confessed to the theft of cryptocurrency exceeding one million dollars. His method involved secretly photographing a handwritten seed phrase within another person’s residence.
The individual, identified as Teo Rong Xuan, previously served as a diver within the ranks of the Singapore Armed Forces.
He is now confronting accusations related to unlawful entry, unauthorized computer use, and the appropriation of ill-gotten gains, as detailed in court documents released on October 1.
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In 2022, Teo became acquainted with the victim, a Chinese national residing in Singapore, through a mutual acquaintance. During a social gathering at the victim’s apartment to watch a soccer game, Teo deceptively obtained a duplicate of the apartment’s access card under the pretense of assisting another guest.
On the final day of 2022, Teo exploited the access card to gain entry to the apartment while the owner was away. He located the recovery phrase, captured it in a photograph, and subsequently departed.
The following day, utilizing the captured information, he executed a transfer of USDT
Subsequent investigations revealed that Teo had spent the misappropriated funds on various items, including expensive timepieces, online gambling platforms, and to reduce the outstanding balance on his mortgage. Furthermore, approximately $1.1 million was transferred to his personal bank account following conversion to US dollars.
The unlawful act was brought to light when the victim discovered the disappearance of the cryptocurrency. Blockchain analysis was instrumental in tracking the stolen assets back to Teo. His actions were driven by financial difficulties resulting from losses incurred during the FTX exchange collapse in 2022.
In related news, Zhimin Qian, a Chinese national, recently appeared before a UK court concerning the possession and acquisition of criminal property amounting to 61,000 Bitcoin