Following a Thursday court hearing, former Bybit payroll chief, Ho Kai Xin, has been sentenced to nine years and 11 months in prison for stealing about $5.7 million in cryptocurrencies from the famous global crypto exchange. Notably, she was already serving six weeks before the official long-term prison sentence.
Leveraging her position in the company, she allegedly amended the firm’s Microsoft Excel payroll files and moved the funds from the exchange’s e-wallet to her e-wallet.
Almost 10 Years in Prison
During the hearing, 44 charges were considered, and she pleaded guilty to one count of giving false information to a public servant, five cheating charges, and eight counts of dealing with the benefits of criminal conduct.
According to the Deputy Public Prosecutor, Xin started her cheating in May 2022, transferring $117,000 to her e-wallet. Further, she processed multiple illegal transactions into her wallet and successfully laundered about $4.3 million.
“When her actions went undetected, the accused became emboldened, going on a cheating spree to drain her client company, ByBit, of its monies,” the DPP noted.
After Xin was charged, the court ordered her not to spend the stolen funds. However, she disobeyed and was sentenced to six weeks in prison for contempt of court. Thus, her ten-year sentence will start counting after the current service elapses.
According to prosecutors, she used the stolen funds to fund her extravagant lifestyle. She deposited about $750,000 for a $3.7 million penthouse on Gilstead Road. Moreover, she acquired luxurious Louis Vuitton sunglasses, bags, shoes, and jewelry for almost $840,000.
During interrogation, she claimed to have a purported cousin who funded her illegal transactions and luxurious lifestyle.
Bybit Recovers Losses
Thankfully, the police confiscated items worth more than $330,000 from Xin, including her Mercedes-Benz car. Bybit also recovered about $1.1 million in crypto from Xin and over $140,000 from one of her six bank accounts. The Singaporean former Bybit exec has not made any efforts or arrangements to repay the remaining funds to the victim exchange.
Meanwhile, in a recent case in the Philippines, the Department of Justice charged two former Coins.ph exchange workers for stealing about $6.2 million in ripple (XRP).
