By Nermeen Nabil Khear 
Ho Kai Xin, a Singaporean woman convicted of defrauding ByBit of over $4 million in digital assets in 2022, has been sentenced to nine years and eleven months in prison.
Bybit Fraudster Sentenced For Crypto Crime
According to a report from The Straits Times on Thursday, Ho pleaded guilty 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.
Reports indicate that the 32-year-old worked for Wechain FinTech, a company responsible for ByBit’s payroll services.
Over a three-month period, Ho manipulated payroll spreadsheets to divert millions of dollars to digital wallets she controlled, exploiting her sole oversight role at the firm.
Singaporean media sources revealed that Ho managed four digital wallet addresses and six bank accounts linked to the scheme.
Prosecutors stated that she used the stolen funds to purchase luxury items, including Louis Vuitton bags and a Mercedes-Benz.
She also spent over $500,000 as a down payment on a multi-million-dollar penthouse in Singapore.
ByBit Uncovers Ho Kai Xin’s Crypto Theft
Her 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.
Just last month, Ho was sentenced to six weeks in jail for contempt of court after failing to comply with legal orders.
“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,” Ho’s counsel told the courtroom on February 20.
Ho’s nearly decade-long sentence will begin following the conclusion of her current one.
Investor Reflection and Caution
For those who engage in crypto trading or investment, Ho’s case signals that not all risks are market-driven.
Fraud can arise from within companies themselves, making it essential to understand how funds are managed behind the scenes.
While no one can predict every unscrupulous player, knowledge of corporate safeguards can reduce exposure to theft and mismanagement.
ByBit’s lawsuit and subsequent recovery of funds show that there are legal avenues to pursue justice, even against complex, digital crimes.
In the end, awareness remains the first line of defense against sophisticated deceit.
The post ByBit Fraudster Ho Kai Xin Gets Almost Decade Behind Bars For Massive Scheme appeared first on Cryptonews.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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