[Former Singaporean Officer Sentenced to Six Years and Ten Months for Stealing 1.7 Million Tether Coins After Suffering Heavy Losses from FTX Collapse] Odaily Planet Daily reports that former Singaporean Navy personnel Zhang Rongxuan (35, transliteration) stole 1.7 million Tether coins (approximately 2.3 million SGD) after learning that a friend had stored cryptocurrency in a cold wallet. He spent the stolen funds on luxury watches, gambling, and paying off his mortgage. Zhang was sentenced to six years and ten months in prison. It is reported that at the time of the crime, Zhang was a member of the elite Naval Diving Unit with the rank of captain. After meeting the victim, he co-founded a non-fungible token (NFT) trading platform with his friend. The platform was under Upstairs Research Pte Ltd and owned by DiGi Selection Holdings Pte Ltd. A security company tracked the cryptocurrency wallet, and Zhang admitted to committing the crime due to significant losses caused by the collapse of the FTX exchange. (Lianhe Zaobao)