Singaporean woman sentenced to nearly 10 years of jail for stealing $4.2m from Bybit

Former payroll manager Ho Kai Xin was sentenced to nine years and 11 months in prison for stealing $ 4.2 million in Bybit.

According to Singaporean the press media Strait timeThe 32 -year -old woman pleaded guilty to five accusations of cheating, eight charges of criminal conduct and a charm of false information to an official. Up to 30 other charges were examined during her hearing before her conviction.

The accusation said that HO used 5.7 million SGDs ($ 4.2 million) of cryptographic funds which it stole Go through Fintech for “living a sumptuous lifestyle” since June 2022. The court documents declare from October 20, 2021 to 6 Oct 900 employees of Bybit.

At the end of January, Ho had already received a sentence of six weeks in prison for disobeying judicial orders when she spent around 840,000 SGD ($ 627,633) from the funds stolen on a penthouse and luxury products after being sentenced by A civil court not to use these funds.

Ho will start to serve his longer sentence after finishing his six weeks in prison.

Hon Xinstole $ 4.2 million first by Bybit

Deputy prosecutor Jeremy Bin said that HO had used the funds she stolen in the exchange of crypto to buy luxury items such as sunglasses, bags, shoes, shirts and louis rings Vuitton. It also placed a deposit of around 750,000 SGD ($ 560,388) for a penthouse worth more than 3.7 million SGDs ($ 2.7 million).

The first time HO committed a flight in May 2022 when it stole more than 117,000 SGDs ($ 87,417) in Wechain, the company has enlisted to manage the payroll for Bybit employees. She handled Microsoft Excel files to ensure that funds were transferred to her bank accounts instead of that of the company.

“When his actions remained unteashed, the accused hugged, making a cheat tour to empty his customer company, Bybit,” said Bin.

Ho had six bank accounts and four electronic wallets on four different cryptographic platforms. It would modify the Excel calculation sheet lines for payments due by the Crypto company in the USDT (USDT) so that the funds are sent to its portfolio address instead of the portfolios of bybit employees.

Ho would then convert the cryptographic funds stolen into fiduciary currency. From May 31 to August 31, 2022, the parbit made eight cryptocurrency transfers to the four Ho portfolios, amounting to more than 4.2 million USDT.

After deceiving the company to transfer around $ 4.3 million in crypto to its portfolios, it bleached a large part of the stolen funds so that they are not found.

His crimes were discovered in September 2022, when a wechain finance director noticed unusual cryptography transfers in the spreadsheet. After the end of internal surveys, a Wechain representative brought HO to the police in February 2023. She was arrested two months later.