Former Singapore Navy officer Zhang Rongxuan has been sentenced to 6 years and 10 months in prison for stealing 1.7 million USDT from a friend's cold wallet. Zhang accessed the victim's apartment, found the cold wallet and a mnemonic phrase paper, and transferred the assets on January 1, 2023. He spent the stolen funds on luxury watches, debt repayment, and online gambling. The theft was uncovered after the victim hired a blockchain security firm to trace the transactions, leading to Zhang's exposure. Authorities have recovered some of the stolen items, and the Singapore Ministry of Defence confirmed Zhang's dismissal from the armed forces.