Ex-Singapore Diver Admits to $1.7M USDT Theft After Hacking Crypto Wallet
A former Singapore Armed Forces diver, Teo Rong Xuan, has admitted to stealing $1.7 million in USDT after hacking into a victim's cryptocurrency wallet. The theft involved photographing the victim's seed phrase, which acts as the master key to cryptocurrency wallets.
Teo gained access to the victim's condominium using a fraudulently obtained access card. Once inside, he photographed the seed phrase, enabling him to transfer the substantial sum into his own crypto wallet. The victim only discovered the missing funds after which blockchain investigators traced the theft back to Teo's wallet, leading to his confession.
Industry experts have warned about the importance of securing seed phrases. They recommend using hardware wallets with encrypted chipsets and storing seed phrases in multiple secure locations. Multi-signature wallets, which require approvals from two or more private keys, are also advised for added security. Teo spent the stolen money on luxury watches, online gambling, and mortgage payments.
Teo has been charged with housebreaking, misusing a computer system, and dealing with ill-gotten gains. The incident serves as a stark reminder of the need for robust security measures in the cryptocurrency world. The stolen funds, equivalent to about $1.1 million in US dollars, have not been recovered.
