Singapore Woman Sentenced to Nearly 10 Years for $4 Million Bybit Crypto Fraud

• Ho Kai Xin embezzled over $4 million from Bybit by manipulating payroll data between January and March 2022.
• She used the stolen funds for luxury purchases, including Louis Vuitton items, a Mercedes-Benz, and a penthouse deposit.
• Ho received a nine-year, 11-month sentence after pleading guilty to multiple charges, following a six-week contempt of court term.

A Singaporean woman has been sentenced to nine years and 11 months in prison after embezzling over $4 million from cryptocurrency exchange Bybit. Ho Kai Xin, 32, exploited her position at Wechain Fintech, a firm managing Bybit’s payroll operations, to carry out the fraudulent scheme.

Manipulation of Payroll Data Led to Massive Transfers

Between January and March 2022, Ho manipulated payroll spreadsheets, inserting false entries to direct funds to digital wallets under her control. Prosecutors reported that she disguised the transfers by associating them with names of other employees, enabling her to siphon millions without immediate detection.

The fraudulent conduct of Ho came to light in September 2022 when the company executive investigated payroll discrepancies. Following the court-ordered freezing of her assets in October 2022 Bybit discovered that Ho persisted in spending large sums of money.

Ho used the embezzled funds to purchase luxury items, including Louis Vuitton products and a Mercedes-Benz vehicle. Investigations also revealed that she placed a $560,000 deposit on a high-end penthouse. Even after the asset freeze order, she continued using the stolen money for personal indulgences, violating court directives.

Legal Proceedings and Sentencing

Authorities arrested Ho in late 2022, but she initially misled investigators by blaming a fictitious cousin named “Jason Teo” for the transfers. Police spent over 140 hours confirming that the alleged relative did not exist. Ho later pleaded guilty to over a dozen charges, leading to her recent sentencing.

In January 2025, Ho received an additional six-week jail term for contempt of court after disregarding the asset freeze. Her newly imposed prison sentence will commence after the completion of her current term.

During sentencing, defense attorney James Gomez sought a reduced sentence of eight years and eight months, citing Ho’s role as a mother of two. He stated that she acknowledged the consequences of her actions on her family and the justice system.