Bybit Scammer Gets 10 Years Jail Sentence

Ho Kai Xin, a 32-year-old from Singapore, has been sentenced to nearly 10 years in prison for defrauding the crypto exchange Bybit out of $4.2 million (S$5.7 million) in cryptocurrency.

While working for Wechain Fintech, which processed payroll for Bybit, Ho manipulated Excel spreadsheets to falsely show USDT payments due to digital wallets under her control.

Over three months in 2022, millions were illicitly transferred, which she spent on luxury goods, including Louis Vuitton handbags, sunglasses, and a Mercedes-Benz.

She also placed a $560,000 deposit on a multimillion-dollar penthouse.

Prosecutors revealed that Ho became bolder after her initial embezzlement went unnoticed, even linking her crypto addresses to other employees’ names.

Her fraudulent activities were uncovered in September 2022 when an executive noticed discrepancies in the payroll spreadsheet.

Despite a court order to freeze her assets, Ho continued to lavishly spend the stolen funds, further compounding her crimes.

Ho Awaiting Commencement of New Sentence When Current One Expires

In January, Ho was sentenced to six weeks in jail for contempt of court after violating a civil court order prohibiting her from using funds she had embezzled.

Despite the court's directive issued in October 2022, Ho spent nearly $840,000 between November and December of that year on a freehold penthouse and luxury Louis Vuitton items.

The contempt charge stemmed from Bybit Fintech’s civil lawsuit to recover the stolen cryptocurrency.

On 27 January, Ho was handed the short sentence, but this is just one part of her legal troubles.

She now faces an additional nine years and 11 months in prison after pleading guilty to over a dozen charges.

This sentence will begin after her current term expires.

Upon her arrest, Ho falsely claimed a fictitious cousin, "Jason Teo," was responsible for the illegal transfers, a story that took police over 140 hours to debunk.

Her defense attorney, James Gomez, requested a lighter sentence of eight years and eight months, citing her role as the mother of two young children.

He said during the trial:

"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."