TechFlow reported on February 20 that according to The Straits Times, Ho Kai Xin (32), a former employee of Singapore-based fintech firm Wechain Fintech Singapore, has been sentenced to nine years and eleven months in prison for allegedly stealing over $5.7 million in cryptocurrency. The court found her guilty of five counts of fraud, eight counts of handling criminal proceeds, and one count of providing false information to a public officer.
Ho Kai Xin was responsible for processing salaries for approximately 900 employees at the cryptocurrency exchange ByBit. Starting in May 2022, she manipulated Excel files to redirect USDT payments to her personal wallet. Between May 31 and August 31, 2022, she conducted eight transfers totaling over 4.2 million USDT. She used the illicit funds to pay the down payment on a luxury home ($750,000), purchase a Mercedes-Benz car, and buy Louis Vuitton luxury goods.
To date, authorities have seized assets worth over $330,000. ByBit has recovered approximately 1.1 million USDT and $140,000 in cash. Earlier this January, Ho Kai Xin was sentenced to six weeks in jail for violating a court injunction by continuing to use the stolen funds. The new sentence will take effect upon completion of her prior jail term.
