Ho Kai Xin, a former payroll manager at WeChain, has been sentenced to nine years and 11 months in prison for stealing $5.7 million from the crypto exchange Bybit
$1.37B
.
On February 20, a Singapore court announced the sentence after she pleaded guilty to 44 charges, including fraud and money laundering.
While overseeing payroll at WeChain, which managed salary payments for Bybit, Ho exploited her position by altering financial records. She redirected payments into four cryptocurrency wallets under her control, transferring a total of $4.2 million over several months. She then converted the stolen funds into traditional currency.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
How to Avoid Crypto Taxes? (Legal Ways Explained)
Her fraudulent activities went undetected for months, allowing her to continue diverting funds. In early 2023, WeChain discovered irregularities and reported Ho to authorities, which led to her arrest two months later.
Authorities found that Ho used the money to fund a luxury lifestyle, including placing a $750,000 deposit on a penthouse and purchasing designer items. Despite a court order to stop using the stolen funds, she continued spending and was sentenced to an additional six weeks in jail for contempt of court.
Bybit recovered over $1.1 million in Tether
$1.00
from Ho’s crypto wallets and another $140,000 from her bank account. Police also confiscated more than $330,000 worth of assets, including a Mercedes-Benz car. However, she has not offered to return the remaining stolen funds.
During questioning, Ho attempted to mislead investigators by claiming that an individual named “Jason Teo” was responsible for the illegal transfers. Authorities later confirmed that this person did not exist.
Ho’s lawyer requested a reduced sentence, citing her role as a mother of two young children. However, prosecutors argued that her repeated offenses and attempts to deceive investigators warranted a harsher punishment.
Meanwhile, a US court recently confiscated around $1 billion in assets from Sam “SBF” Bankman-Fried. What were they? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
