PANews reported on May 9 that, according to Lianhe Zaobao, Zhang Rongxuan (35 years old, transliteration), a former Singapore Navy officer, stole 1.7 million Tether (nearly S$2.3 million) after learning that a friend had deposited cryptocurrency into a cold wallet. He then spent the money on buying luxury watches, gambling, and paying off his mortgage. He was sentenced to six years and ten months in prison.

It is reported that Zhang Rongxuan was a member of the Navy's elite Naval Diving Unit at the time of the incident, holding the rank of captain. After meeting the victim, he and his friends operated a non-fungible token trading platform. The platform belonged to Upstairs Research Pte Ltd and was owned by DiGi Selection Holdings Pte Ltd. After the security company tracked the cryptocurrency wallet, Zhang Rongxuan admitted that he committed the crime because he suffered huge losses due to the collapse of the FTX exchange.