Fraudulently defrauding Bybit, a woman spent more than $ 4 million on luxury goods after she defrauded Bybit.
Ho Kai Xin, who's from Singapore, worked for a company called Wechain Fintech, which handled payroll processing on behalf of the crypto exchange.
This 32-year old woman manipulated Excel worksheets so that USDT payment was due to digital wallets under her control, but no money owed. Over a 3-month period, in 2022, the 32-year-old transferred millions.
Ho bought sunglasses and handbags from Louis Vuitton, as well as a Mercedes-Benz.
The following is a list of The Straits TimesProsecutors also claimed that she had paid a deposit of $560,000 on a penthouse worth millions.
Ho grew more bold after the initial theft went unnoticed. She then linked her crypto address to names of employees.
A spreadsheet containing unusually large amounts of money was discovered by a manager at her company in September 2022.
That following month, Bybit had secured an order to freeze Ho's assets, but she disobeyed the court by continuing to lavishly spend the stolen funds.
In January, this year she received a 6-week jail sentence for contempt.
Ho is now in jail for nine more years and eleven months, after admitting to more than 12 charges. Her new sentence begins when her existing one ends.
Ho is accused of lying to police after being arrested by claiming that his fictitious relative called. "Jason Teo" These illegal transfers had been committed by someone else. It took police more than 140 hours to determine that he didn't exist.
Defense attorney James Gomez had asked the judge to impose a lighter sentence of eight years and eight months, because she's the mother of two young sons.
"Her actions were a lapse in judgment, and she has since reflected deeply on the consequences they have had on her family, the victim and the justice system," He said during the trial.
Stacy Elliott is the editor.