Ho Kai Xin, a former payroll manager with Bybit, was handed a six-week jail sentence for flouting court orders following a $4.6 million theft from the exchange.
Ho was ordered in 2022 by a civil court not to use the funds she lifted from Bybit, but the 32-year-old woman spent $840,000 from the funds on Luxury goods.
Ho acquired a freehold penthouse and some Louis Vuitton luxury goods from November to December of that year, going against the court order.
The former Bybit Payroll manager worked under WeChain Fintech, which provided payroll services for ByBit.
The $4.6 million Heist
Ho lifted $4.6 million from Bybit by manipulating the payment spreadsheet of Bybit Employees.
She owned crypto wallet addresses, each on different crypto platforms, and operated six bank accounts.
She was the only person tasked with maintaining spreadsheets that contained details of the salaries to be paid to 800 to 900 ByBit employees.
She carried out the heist by inserting fraudulent rows with wallet addresses she owned and mixing them with the details of Bybit employees.
After payments have been disbursed by Bybit, Ho converts some of the USDT she receives into fiat currency before transferring the monies into her bank accounts.
She would then transfer the loot to her other bank accounts or use the money to purchase luxury items.
For four months, ByBit made eight transfers to wallets controlled by HO, amounting to 4.2 million USDT.
Bybit discovered the heist on Oct 3, 2022, and launched legal action against HO.
Since ByBit uncovered the heist, they have recovered about 1.17 million USDT from her electronic wallets and $141,787.11 from one of her bank accounts.
Court Sentencing
In February 2024, Ho was charged with 44 criminal charges for cheating, money laundering, and lying to the police.
She pleaded guilty on Jan 16, 2025, to 14 charges. The remaining charges against her will be considered during sentencing.
