Woman Sentenced To Nearly 10 Years For $5.7M Fraud Against Bybit In Singapore

The Singapore court has sentenced Ho Kai Xin to nearly 10 years in prison for defrauding cryptocurrency exchange Bybit of $5.7 million through payroll manipulation. The 33-year-old was found guilty of 44 charges, including cheating and dealing with criminal proceeds.

Ho exploited her position as head of the payroll team at WeChain, a crypto networking platform managing payroll services for Bybit, to redirect funds intended for employees to her personal cryptocurrency wallets. She manipulated Excel spreadsheets to create false payment records and funneled around $4.2 million into her wallets, which she later converted into fiat currency.

Despite Bybit recovering some of the stolen funds, the company remains short of millions. Ho used the money to finance a lavish lifestyle, including a deposit on a penthouse and luxury purchases from brands like Louis Vuitton.

Ho’s legal troubles worsened when she received a contempt of court sentence for spending her ill-gotten gains despite a court order prohibiting her from doing so. Her nearly 10-year prison sentence will commence after completing her current sentence.

During the investigation, Ho initially tried to mislead authorities by blaming a fictitious cousin for the transactions. Her lawyer sought leniency, emphasizing that she is a mother of two young children and expressing remorse for her actions.

Last year, cybersecurity firm Cado Security Labs warned about a sophisticated malware campaign targeting Web3 professionals using fake meeting apps to steal sensitive credentials and crypto assets.

In conclusion, Ho Kai Xin’s case serves as a cautionary tale about the consequences of fraudulent activities in the crypto industry.