PANews reported on October 2 that according to Decrypt, Teo Rong Xuan, a former Singaporean armed forces diver, pleaded guilty on October 1. He stole USDT worth $1.7 million by breaking into the house and photographing the victim's mnemonic phrase.

According to court documents, the defendant obtained the victim's apartment access card under the pretext of a party and did not return it. He then illegally entered the victim's apartment while she was out and found and photographed a piece of paper containing the 24-word mnemonic phrase for the Ledger Nano X hardware wallet.

The defendant used the mnemonic phrase to transfer the funds the next day and used them to buy luxury watches, online gambling, etc. He claimed that his criminal motive was the severe financial losses he suffered after the collapse of the FTX exchange in 2022.