Ex-SAF officer pleads guilty to stealing S$2.2M in digital currency after breaking into victim’s home
A former Singapore Armed Forces (SAF) officer has admitted to breaking into a man’s condominium and accessing information that allowed him to steal cryptocurrency worth US$1.7 million (S$2.2 million).
In 2022, the ex-officer, 34-year-old Teo Rong Xuan, illegally gained access to sensitive information linked to the victim’s digital currency wallet. Teo then transferred digital currency from the wallet to his own account.
Teo, also known as Rex, was a captain with the Naval Diving Unit at the time of the alleged crime. He left the SAF in 2023.
Source: Republic of Singapore Navy on Facebook
Former Navy officer broke into condo & stole password to digital currency wallet
Court documents revealed that Teo met the victim, a 30-year-old Chinese national, through a mutual friend in June 2022.
The victim had secured his cryptocurrency in a Ledger Nano X cold wallet — a digital currency wallet not connected to the internet.
Source: Ledger website
The cold wallet was then registered on an official mobile application, which generated a unique 24-word seed phrase made up of words and serial numbers.
The victim proceeded to write the seed phrase on a piece of paper and kept it at home.
On New Year’s Eve in 2022, Teo seized his chance after learning that the victim was not home. He used the victim’s access card to enter the unit, where he found the handwritten note, and took a photo of the seed phrase, ST reported.
Teo had the condo access card, as he had previously offered — with the victim’s consent — to pick their mutual friend up from the lift lobby.
The next day, on 1 Jan 2023, Teo connected his own Ledger device to his computer, entered the stolen seed phrase, and drained the victim’s wallet of 1.7 million USDT, which is worth about US$1.7 million (S$2.2 million).
Teo funnelled the sum into cryptocurrency transactions and illegal gambling websites:
- 100,000 USDT (S$129K) went to an online gambling site.
- About 500,000 USDT (S$645K) for cryptocurrency transactions
- 1.1 million USDT converted to USD and transferred to Teo’s bank account
Victim traced missing funds to Teo
It was only in March 2023 that the victim realised his funds had vanished. He engaged blockchain security firm SlowMist, which subsequently traced the stolen cryptocurrency to Teo’s wallet.
Teo admitted to the act when confronted by the victim, claiming he had suffered “huge monetary losses” following the collapse of crypto exchange FTX in 2022.
Discharged from SAF
Responding to MS News’ queries, the Ministry of Defence confirmed that Teo has been discharged from SAF.
“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,” said the spokesperson.
On Wednesday (1 Oct), Teo pleaded guilty to housebreaking, misusing a computer system, and dealing with criminal proceeds. He has not paid the victim back.
Teo will return to court for sentencing on 14 Nov.
Also read: Man in army uniform appears to vape on public bus, was placed in SAF custody
Man in army uniform appears to vape on public bus, was placed in SAF custody
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Featured image adapted from Republic of Singapore Navy on Facebook and by MS News.
