A former captain in Singapore's Naval Diving Unit has been sentenced to six years and ten months in prison for breaking into an acquaintance's apartment and stealing approximately S$2.3 million (US$1.8 million) in cryptocurrency. Teo Rong Xuan, 35, exploited his prior knowledge of his victim's storage arrangements — gained while the two co-founded an NFT marketplace together — to secretly photograph a seed phrase, a recovery code that grants access to a cryptocurrency wallet without requiring the physical device, and then drain the funds on New Year's Day 2023. He subsequently spent the proceeds on luxury watches, illegal gambling, and home loan repayments; he made no voluntary restitution to the victim, and a portion of the money could not be recovered.