Ex-SAF Diver Jailed for $1.7M Crypto Theft via Seed Phrase

Ex-SAF Diver Jailed for $1.7 Million Crypto Theft via Seed Phrase Photo

Written by Aaron S.,

Editor-In-Chief

Last Updated: October 02, 2025

Key Takeaways

Ex-SAF diver Teo Rong Xuan stole $1.7 million in crypto by photographing a recovery phrase left inside a Chinese national’s apartment;
Using a copied access card, Teo entered the flat on December 31, 2022, snapped the seed phrase, and drained the wallet the next day;
He spent the funds on watches, gambling, and mortgage payments; investigators traced the theft, which he linked to losses from FTX.

Stop overpaying - start transferring money with Ogvio. Join the waitlist & grab early Rewards NOW! 🎁

BITDEGREE IN YOUR SOCIAL FEED

A man in Singapore has admitted to stealing over a million dollars in cryptocurrency after secretly taking a photo of a handwritten recovery phrase inside another person’s apartment.

The man, Teo Rong Xuan, formerly worked as a diver in the Singapore Armed Forces.

He faces charges for breaking into a home, misusing a computer system, and using stolen funds, according to court records shared on October 1.

Where to Trade Crypto: 3 Best Approaches Explained (Animated)

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

Teo had met the victim, a Chinese man living in Singapore, through a friend in 2022. At a gathering to watch a football match at the victim’s home, Teo managed to get a copy of the apartment’s access card by claiming to help another guest.

On December 31, 2022, Teo used the card to enter the apartment while the victim was not home. He found the piece of paper, took a photo of the phrase, and left.

The following day, he used that information to transfer $1.7 million worth of USDT USDT $0.9995 into his own account.

Investigators later found that Teo had used the stolen money on items like luxury watches, gambling websites, and to pay off his home loan. He also transferred around $1.1 million into his bank account after converting it into US dollars.

The theft was discovered after the victim noticed the missing funds. Blockchain tracking tools were used to trace the stolen cryptocurrency to Teo. He acted out of financial stress after losing money when crypto exchange FTX collapsed in 2022.

A Chinese woman, Zhimin Qian, was recently admitted to a UK court for holding and acquiring criminal property worth 61,000 Bitcoin BTC $109,854.47 . How does the case unfold? Read the full story.