A court in Singapore 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 February 20, 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.

Growing Boldness During Her Misconduct

Prosecutors noted Ho’s increasing audacity as her misconduct went undetected, initiating what was described as a “cheating spree” that drained Bybit’s funds.

Her scheme involved manipulating Microsoft Excel spreadsheets to create false payment records, misdirecting funds for around 900 Bybit employees into four cryptocurrency wallets under her control. In total, she funneled approximately $4.2 million into these wallets, which she later converted into cash. Authorities revealed that the stolen money supported a lavish lifestyle, including a $750,000 deposit on a $3.7 million penthouse and high-end purchases from luxury brand Louis Vuitton.

Despite recovering over $1.1 million in Tether (USDT) from Ho’s digital wallets and more than $140,000 from her bank accounts, Bybit is still 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… Link — The Crypto Fool (@the_cryptofool) February 20, 2025

Police seized assets worth over $330,000, including a Mercedes-Benz. Ho has not proposed any plan for restitution of the remaining funds.

Ho’s legal troubles increased when she was sentenced to six weeks for contempt of court in January 2024 for using her ill-gotten gains despite a court order barring her from doing so. Her sentence will start after she completes her current term.

Attempting to Deceive Authorities

During the investigation, Ho misled authorities by blaming a fictitious cousin named “Jason Teo” for her financial escapades, a claim later disproven by police. Her lawyer, James Gomez, sought leniency by emphasizing that Ho is a mother of two young children. He requested a more lenient sentence, arguing that her crimes were due to a momentary lapse in judgment.

Ho was arrested in April 2023, following a report of her misconduct by WeChain to the police. Experts have warned that Web3 professionals have become the latest targets of sophisticated malware campaigns using fake meeting applications to steal sensitive information and crypto assets.