Teo Rong Xuan, a former diver with the Singaporean armed forces, has pleaded guilty to stealing $1.7 million worth of USDT by photographing a Ledger seed phrase. Court documents reveal that Teo gained access to the victim's apartment under false pretenses and photographed the 24-word mnemonic phrase for a Ledger Nano X wallet. He used this information to transfer the funds the following day, spending them on luxury items and online gambling. Teo cited financial losses from the 2022 FTX exchange collapse as his motive for the crime.