Ex-Bybit Payroll Chief Was Sentenced to 10 years for Embezzling $5.7M.
Ho Kai Xin, former payroll chief at cryptocurrency exchange Bybit, was sentenced to 9 years and 11 months in prison for misappropriating $5.7 million in public funds. She made illegal transfers from Bybit's corporate wallet to her personal wallets.
On Friday, 20th February, Ho Kai Xin, former payroll chief at cryptocurrency exchange Bybit, was sentenced to 9 years and 11 months in prison for misappropriating $5.7 million in public funds.
She made a lot of illegal transfers by moving a massive amount of cryptocurrency from Bybit’s corporate wallet to her wallet.
The case originated in 2023 when Bybit sued Ho, alleging she breached her contract by transferring USDT to her personal crypto addresses and fiat currency to her bank account without authorization. Bybit sought the return of the stolen funds or their equivalent value.
When investigators confronted Ho with some suspicious evidence, she claimed that the transactions were accidental or due to technical errors.
Later on, she blamed her cousin, Jason Teo, alleging he stole her ID and locked her out of her accounts. Nevertheless, Judge Philip Jeyaretnam dismissed this claim, ruling that Teo didn’t exist. As a result, the court ruled in favor of Bybit and ordered Ho to pay $45,000 in legal costs plus $11,500 in disbursements.
What She Spent On
Ho Kai Xin used her embezzled funds to fund a luxurious lifestyle. She made a down payment of nearly $750,000 on a $3.7 million penthouse in Gilstead Road.
Additionally, according to Deputy Public Prosecutor Jeremy Bin, she splurged on high-end items from Louis Vuitton, including sunglasses, bags, shoes, shirts, and rings, each costing thousands of dollars.
Singapore High Court Sets Precedent in Bybit Crypto Theft Case
A landmark decision in Singapore’s digital asset industry has set a significant precedent. The High Court ruled that cryptocurrency is a property that can be held in trust, marking a major milestone. This decision has far-reaching implications, as it establishes a legal framework for the treatment of cryptocurrencies in trusts.
The ruling also has international significance, as it aligns with a similar decision from an English High Court in January 2023. In that case, the court recognized Bitcoin and other cryptocurrencies as property that can be subject to a proprietary injunction.
This landmark ruling brings clarity and certainty to the digital asset industry in Singapore and worldwide. It provides crucial legal protection for cryptocurrency holders and exchanges in Singapore, ensuring more safety for their assets..
