Ex-SAF captain stole $2.2m in cryptocurrency after breaking into man's condo

A Singapore Armed Forces (SAF) regular broke into a man's condominium home in 2022 and made off with information linked to the latter's cryptocurrency wallet.

- Shaffiq Alkhatib Court Correspondent

Teo Rong Xuan, who left the SAF in 2023, later used the information - a "seed phrase" made up of words and serial numbers - to access the man's cryptocurrency wallet and stole 1.7 million USDT.

A seed phrase is a collection of words that can be used to access a cryptocurrency wallet.

According to court documents, the amount of USDT he stole was worth the same amount in US dollars - US$1.7 million (S$2.2 million).

Teo, who was a captain with the Naval Diving Unit at the time of the offences, used his ill-gotten gains to buy luxury watches as well as settle his gambling expenses and mortgage payments.

On Oct 1, Teo, 34, who did not make any restitution to the victim, pleaded guilty to one count each of housebreaking and misusing a computer system. He also pleaded guilty to multiple counts of dealing with the ill-gotten gains.

Responding to queries from The Straits Times, the Ministry of Defence (Mindef) said that he was discharged from the SAF.

A Mindef spokesperson added: "The SAF holds its service personnel to high standards of discipline and integrity. Service personnel who commit offences will be dealt with in accordance with the law."