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 condo.
The person, Teo Rong Xuan, previously labored as a diver within the Singapore Armed Forces.
He faces costs for breaking into a house, misusing a pc system, and utilizing stolen funds, in keeping with court docket information shared on October 1.
Do you know?
Subscribe – We publish new crypto explainer movies each week!
Is Cryptocurrency a Good Funding? (5 PROS & CONS!)
Teo had met the sufferer, a Chinese language man residing in Singapore, by a pal in 2022. At a gathering to observe a soccer match on the sufferer’s dwelling, Teo managed to get a duplicate of the condo’s entry card by claiming to assist one other visitor.
On December 31, 2022, Teo used the cardboard to enter the condo whereas the sufferer was not dwelling. He discovered the piece of paper, took a photograph of the phrase, and left.
The next day, he used that info to switch $1.7 million value of USDT
$0.9999
into his personal account.
Investigators later discovered that Teo had used the stolen cash on objects like luxurious watches, playing web sites, and to repay his dwelling 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 shedding cash when crypto change FTX collapsed in 2022.
A Chinese language lady, Zhimin Qian, was lately admitted to a UK court docket for holding and buying legal property value 61,000 Bitcoin
$120,575.06
. How does the case unfold? Learn the complete story.
