Yigit Taha OZTURK 
n a case heard in Singapore, Ho Kai Xin, the former payroll manager for Bybit, was sentenced to 10 years in prison for stealing $5.7 million from the crypto exchange. Ho pleaded guilty to 44 charges, and the court convicted her on several counts, including five for fraud.
Ho’s Crimes and Her Prison Sentence
Ho committed the crimes while working at the WeChain platform, which handled payroll for Bybit from October 2021 to October 2022. She falsified payroll records and transferred $5.7 million to four crypto wallets she owned. It was reported that she sent a total of $4.2 million to these wallets. The court sentenced Ho to a total of 9 years and 11 months in prison for her actions.
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Ho used the stolen funds to finance a luxurious lifestyle, including a deposit of $750,000 for a penthouse worth over $3.7 million. She also purchased high-end items from brands like Louis Vuitton, including bags, rings, shirts, and shoes. This lavish spending was funded entirely by the money she stole from Bybit.
Police Operation and Recovered Assets
Ho attempted to launder the stolen funds, but Bybit was able to recover over $1.1 million in Tether (USDT) and $140,000 from one of Ho’s bank accounts. Police also seized assets worth over $330,000, including a Mercedes-Benz car. Despite this, Ho has not offered to repay the remaining funds to Bybit.
Before the fraud was discovered, Ho misled police by claiming that her “cousin,” Jason Teo, was responsible for the unlawful transactions. Investigations later revealed that Jason Teo did not exist. Ho’s lawyer argued that her actions were a “lapse in judgment,” but the court determined her guilty.
Ho’s 10-year prison sentence highlights security vulnerabilities in the crypto industry and the rising number of fraud cases. This Singapore case serves as a crucial lesson for crypto exchanges on how they must secure their internal systems.
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