A Singapore court has sentenced Ho Kai Xin to nearly 10 years in prison for defrauding cryptocurrency exchange Bybit of $5.7 million through payroll manipulation.
The 33-year-old, who pleaded guilty to 44 charges—including cheating and dealing with criminal proceeds—received a nine-year, 11-month sentence, according to The Straits Times on 20 February 2025.
Ho’s offenses occurred while she was employed at WeChain, a crypto networking platform managing payroll services for Bybit. As head of the payroll team, she exploited her access to financial systems between October 2021 and October 2022, with her fraudulent activities starting in May 2022.
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Ho Became More Brazen After Her Misconduct Went Undetected
Prosecutors stated that Ho became more brazen as her misconduct went undetected, launching into what they described as a “cheating spree” that drained Bybit’s funds.
Her fraudulent scheme involved manipulating Microsoft Excel spreadsheets to create false payment records. Ho redirected funds intended for around 900 Bybit employees to four cryptocurrency wallets under her control.
In total, she funneled approximately $4.2 million into these wallets, which she later converted into fiat currency. Authorities revealed that the stolen money financed a lavish lifestyle, including a $750,000 deposit on a $3.7 million penthouse and high-end purchases from luxury brand Louis Vuitton.
Despite Bybit recovering over $1.1 million in Tether (USDT) from Ho’s digital wallets and more than $140,000 from her bank accounts, the company remains short of millions.
🚨 JUST IN: A Singaporean woman has been sentenced to nearly 10 years in jail for defrauding @Bybit_Official of over $4 million in crypto.
Ho Kai Xin, 32 years old, exploited her role at Wechain Fintech, which processed payroll for Bybit, by manipulating Excel spreadsheets to… pic.twitter.com/1fBRpPEMyY
— The Crypto Fool (@the_cryptofool) February 20, 2025
Police also seized assets worth more than $330,000, including a Mercedes-Benz. Ho has not proposed any restitution plan for the remaining funds.
Ho’s legal troubles worsened when she received a six-week contempt of court sentence in January 2024 for spending her ill-gotten gains despite a court order prohibiting her from doing so. Her nearly 10-year sentence will commence after completing her current sentence.
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Ho Tries To Milead Authorities
During the investigation, Ho initially misled authorities by blaming a fictitious cousin named “Jason Teo” for the transactions, a claim later disproven by police.
Her lawyer, James Gomez, sought leniency, highlighting that Ho is a mother of two young children. She has expressed remorse for her actions. He requested an eight-year, eight-month sentence, arguing her crimes stemmed from a momentary lapse in judgment.
Ho was arrested in April 2023, two months after WeChain reported her misconduct to the police.
Last year, cybersecurity firm Cado Security Labs warned that Web3 professionals have become the latest victims of a sophisticated malware campaign. It employs fake meeting apps to steal sensitive credentials and crypto assets.
In a report, Cado’s threat research lead, Tara Gould, detailed that scammers are leveraging artificial intelligence (AI) to craft convincing websites and social media profiles that mimic legitimate companies.
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Key Takeaways
- Ho Kai Xin was sentenced to nearly 10 years for defrauding Bybit of $5.7 million through payroll manipulation.
- She redirected funds to personal wallets, using the money for luxury purchases.
- Ho initially misled authorities with false claims but later pleaded guilty to 44 charges.
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