A Singaporean woman has been sentenced to nearly 10 years in prison for stealing $4.2 million from Bibit

Former pay manager Ho Kai Xin has been sentenced to nine years and 11 months in prison for stealing $4.2 million from BYBit.

According to the Singapore news outlet The Strait Times, the 32-year-old woman has five counts of misconduct, eight counts of benefiting from criminal activity and one count of providing false information to a civil servant. I pleaded guilty. As many as 30 other charges were considered during her court hearing before she was sentenced.

Prosecutors said the HO has been using SGD 5.7 million ($4.2 million) of cryptocurrency funds that it stole from BYBit FinTech since June 2022 to “live a luxurious lifestyle.” Microsoft Excel spreadsheets performed payments for around 900 BYBit employees while working as outsourced payroll manager for Crypto Firm.

In late January, when Ho spent about 840,000 SGD ($627,633) after ordering the civil court not to use the stolen funds by civil court. He had already been sentenced to six weeks in prison for failing to comply with court orders. .

Ho begins to serve her long sentence after she finishes in six weeks of prison.

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First $4.2 million from Hon Xinstole Bybit

Deputy Prosecutor Jeremy Bin said that Ho used the funds he stole from the Crypto Exchange to purchase gorgeous items from Louis Vuitton, including sunglasses, bags, shoes, shirts and rings. She also placed a down payment of around SGD ($560,388) for the penthouse, which amounted to over 3.7 million SGD ($2.7 million).

Ho first committed theft when he enlisted in May 2022 to handle the pay of Bibit employees when he stole SGD ($87,417) over SGD ($87,417) from Wechain. She worked with Microsoft Excel files so that the funds were transferred to a bank account on behalf of the company.

“When her behavior was not detected, the accused was encouraged and cheated to eject Bibit, the client’s company,” Bin said.

Ho owned six bank accounts and four e-wallets on four different crypto platforms. She changed the Excel spreadsheet row for payments that USDT (USDT) Crypto Firm should pay, so that funds would be sent to her wallet address in place of the Bibit employee’s wallet.

Ho converts stolen crypto funds into Fiat currency. From May 31st to August 31st, 2022, Bybit made eight cryptocurrency transfers to HO’s four wallets, exceeding 4.2 million USDT.

After she tricked the company into transferring about $4.3 million worth of code into her wallet, she washed most of the stolen funds so that they could not track them down.

Her crime was discovered in September 2022 when Wessine’s financial director noticed an unusually large cryptographic transfer in a spreadsheet. After the internal investigation was over, WeChain representatives reported the HO to the police in February 2023. She was arrested two months later.

read more: Singapore -oourt defines Crypto as the property in the case of bibit