Person Who Defrauded Bybit Out of$ 4.2 Million Takes 10-Year Jail Sentence

A woman who defrauded Bybit out of more than$ 4 million in crypto, and spent the ill-gotten gains on luxury items, has been jailed for almost 10 years.

Ho Kai Xin, who’s from Singapore, worked for a firm called Wechain Fintech, which handled payment processing on behalf of the crypto exchange.

When no wealth was owed, the 32-year-old controlled Excel spreadsheets to demonstrate that USDT payments were due to digital wallets she controlled. Therefore, in 2022, millions were transferred over a three-month time.

Ho purchased a Mercedes-Benz, purses and sunglasses from Louis Vuitton, and sunglasses.

According to , prosecutors also alleged she placed a$ 560, 000 deposit on a multimillion-dollar penthouse.

The jury was told Ho’s motivation grew after her first embezzlement remained undiscovered, and she connected her bitcoin names to the names of other people.

Her dishonest exchanges were discovered in September 2022 when a manager of the business she worked for noticed exceptionally high calculator amounts.

Bybit had obtained a decree allowing the theft of Ho’s resources the following month, but she continued to lavishly spend the money she had disobeyed the judge.

In January of this year, she was given a six-week word for contempt of court.

Ho admitted guilt to more than a few counts and has since been imprisoned for an additional nine years and eleven times. The new word will start when her previous one expires.

Ho allegedly lied to police by claiming that a false aunt named” Jason Teo” was to blame for these illegal transfers after being detained. It took authorities more than 140 days to establish that he didn’t occur.

Because she is the mother of two young children, defense attorney James Gomez requested that the judge give her a lighter statement of eight years and eight months.

He said during the test that “her steps were a lapse in judgment, and she has since pondered deeply on the effects they have had on her home, the prey, and the justice system.”