Ho Kai Xin, a former payroll supervisor with Bybit, was handed a six-week jail sentence for flouting court docket orders following a $4.6 million theft from the trade.
Ho was ordered in 2022 by a civil court docket to not use the funds she lifted from Bybit, however the 32-year-old lady spent $840,000 from the funds on Luxurious items.
Ho acquired a freehold penthouse and a few Louis Vuitton luxurious items from November to December of that yr, going in opposition to the court docket order.
The previous Bybit Payroll supervisor labored below WeChain Fintech, which supplied payroll companies for ByBit.
The $4.6 million Heist
Ho lifted $4.6 million from Bybit by manipulating the fee spreadsheet of Bybit Workers.
She owned crypto pockets addresses, every on completely different crypto platforms, and operated six financial institution accounts.
She was the one particular person tasked with sustaining spreadsheets that contained particulars of the salaries to be paid to 800 to 900 ByBit workers.
She carried out the heist by inserting fraudulent rows with pockets addresses she owned and mixing them with the main points of Bybit workers.
After funds have been disbursed by Bybit, Ho converts among the USDT she receives into fiat forex earlier than transferring the monies into her financial institution accounts.
She would then switch the loot to her different financial institution accounts or use the cash to buy luxurious objects.
For 4 months, ByBit made eight transfers to wallets managed by HO, amounting to 4.2 million USDT.
Bybit found the heist on Oct 3, 2022, and launched authorized motion in opposition to HO.
Since ByBit uncovered the heist, they’ve recovered about 1.17 million USDT from her digital wallets and $141,787.11 from one in all her financial institution accounts.
Court docket Sentencing
In February 2024, Ho was charged with 44 felony costs for dishonest, cash laundering, and mendacity to the police.
She pleaded responsible on Jan 16, 2025, to 14 costs. The remaining costs in opposition to her can be thought of throughout sentencing.
