Bybit Payroll Manager’s Scheme Ends in 10-Year Sentence

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Bybit Payroll Theft: Ho Kai Xin’s $5.7 Million Scheme Ends in 10-Year Sentence

Written by Aaron S.,

Editor-In-Chief

Last Updated: February 21, 2025

Key Takeaways

Ho Kai Xin stole $5.7 million from Bybit by altering payroll records and received a nearly 10-year sentence;
She used stolen funds for luxury purchases, ignored a court order, and got extra jail time for contempt;
Bybit recovered some funds, but a large portion remains missing, with no repayment from Ho.

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Bybit Payroll Theft: Ho Kai Xin’s $5.7 Million Scheme Ends in 10-Year Sentence

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Ho Kai Xin, a former payroll manager at WeChain, has been sentenced to nine years and 11 months in prison for stealing $5.7 million from the crypto exchange Bybit $2.55B .

On February 20, a Singapore court announced the sentence after she pleaded guilty to 44 charges, including fraud and money laundering.

While overseeing payroll at WeChain, which managed salary payments for Bybit, Ho exploited her position by altering financial records. She redirected payments into four cryptocurrency wallets under her control, transferring a total of $4.2 million over several months. She then converted the stolen funds into traditional currency.

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Her fraudulent activities went undetected for months, allowing her to continue diverting funds. In early 2023, WeChain discovered irregularities and reported Ho to authorities, which led to her arrest two months later.

Authorities found that Ho used the money to fund a luxury lifestyle, including placing a $750,000 deposit on a penthouse and purchasing designer items. Despite a court order to stop using the stolen funds, she continued spending and was sentenced to an additional six weeks in jail for contempt of court.

Bybit recovered over $1.1 million in Tether USDT $1.00 from Ho’s crypto wallets and another $140,000 from her bank account. Police also confiscated more than $330,000 worth of assets, including a Mercedes-Benz car. However, she has not offered to return the remaining stolen funds.

During questioning, Ho attempted to mislead investigators by claiming that an individual named "Jason Teo" was responsible for the illegal transfers. Authorities later confirmed that this person did not exist.

Ho’s lawyer requested a reduced sentence, citing her role as a mother of two young children. However, prosecutors argued that her repeated offenses and attempts to deceive investigators warranted a harsher punishment.

Meanwhile, a US court recently confiscated around $1 billion in assets from Sam "SBF" Bankman-Fried. What were they? Read the full story.