Ho Kai Xin, a former payroll processing staff member in Singapore, was sentenced to nine years and 11 months in prison for stealing over $5.7 million from ByBit Fintech, a Seychelles-based cryptocurrency exchange. She manipulated payroll records to divert funds into her own accounts and used the money to fund a lavish lifestyle.
A Singaporean woman, Ho Kai Xin, 32, has been sentenced to nine years and 11 months in prison for stealing over $5.7 million from a cryptocurrency exchange through fraudulent payroll amendments. Ho, a former payroll processing staff member at Wechain Fintech Singapore, exploited her position to manipulate Microsoft Excel files used for payments. Between October 2021 and October 2022, she siphoned off funds from ByBit Fintech, a Seychelles-based company that operates a cryptocurrency exchange.
Ho dishonestly inserted fraudulent rows into the Excel file, showcasing fictitious payments owed by ByBit in cryptocurrency USDT. She further manipulated the data by inserting names of ByBit employees alongside her own electronic wallet addresses, tricking the company into transferring millions of USDT into her accounts. Police investigations revealed that Ho had converted her ill-gotten gains into fiat currencies and used them to fund a lavish lifestyle. She purchased luxury goods from Louis Vuitton, including sunglasses, bags, shoes, shirts, and rings, each costing thousands of dollars. Ho also made a down payment of nearly $750,000 for a $3.7 million penthouse in Gilstead Road. In January 2023, Ho was sentenced to six weeks in jail for contempt of court after spending the stolen funds despite an order to refrain from doing so. The court heard that she had spent close to $840,000 on various items, including multiple luxury goods. During the investigation, Ho lied to an officer, claiming that a non-existent cousin named 'Jason Teo' was responsible for the unlawful transactions. Police seized more than $330,000 worth of Ho's assets, including a Mercedes-Benz car. ByBit also recovered over 1.1 million USDT from her electronic wallets and over $140,000 from one of her bank accounts.Ho's defense lawyer pleaded for a lighter sentence, emphasizing that Ho's actions were a lapse in judgment and that she had deeply regretted her actions. He highlighted her status as a mother of two young sons and stated that her actions had significant consequences for her family, the victim, and the justice system. However, the court considered the severity of her crimes and the blatant disregard for court orders, ultimately imposing the nine-year and 11-month sentence.
FINANCIAL CRIME CRYPTOCURRENCY PAYROLL FRAUD SINGAPORE LUXURY GOODS SENTENCING
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