"ByBit Fraudster: Singapore Woman Sentenced to Nearly a Decade for $4M Crypto Heist"

ByBit Fraudster Ho Kai Xin Sentenced to Nearly a Decade for Massive Scheme

Ho Kai Xin, a 32-year-old Singaporean woman, has been sentenced to nine years and eleven months in prison for defrauding cryptocurrency exchange ByBit of over $4 million in digital assets. The conviction follows a guilty plea to five counts of cheating, one count of giving false information to a public servant, and eight counts of dealing with the benefits of criminal conduct.

Ho, a former payroll chief at Wechain FinTech, the company responsible for ByBit's payroll services, manipulated payroll spreadsheets over a three-month period to divert millions of dollars to digital wallets she controlled. She exploited her sole oversight role at the firm to carry out the fraudulent activities undetected.

Prosecutors revealed that Ho managed four digital wallet addresses and six bank accounts linked to the scheme. She used the stolen funds to purchase luxury items, including Louis Vuitton bags and a Mercedes-Benz, and made a down payment of over $500,000 on a multi-million-dollar penthouse in Singapore.

Ho's fraudulent activities came to light on September 7, 2022, when a Wechain finance director noticed irregularities in the payroll records. When confronted, Ho falsely claimed that her cousin, "Jason Teo," had carried out the unauthorized transactions. However, prosecutors determined that no such individual existed.

Singapore's High Court ruled in ByBit's favor in July 2023 after the exchange filed a lawsuit against Ho. While the company has recovered $100,000 in cash and over $1.17 million in USDT, Ho has not repaid any additional funds. Last month, Ho was sentenced to six weeks in jail for contempt of court after failing to comply with legal orders.

Ho's counsel stated that her actions were a lapse in judgment, and she has since reflected deeply on the consequences they have had on her family, the victim, and the justice system. Her nearly decade-long sentence will begin following the conclusion of her current one.

For those who engage in crypto trading or investment, Ho's case serves as a reminder that not all risks are market-driven. Fraud can arise from within companies themselves, making it essential to understand how funds