Thirty-two-year-old Ho Kai Xin pleaded guilty to stealing $5.7 million worth of cryptocurrencies from the Bybit crypto exchange. For this fraud, she will face 9 years and 11 months of jail imprisonment.
Summary
- Ho Kai Xin was found guilty of stealing $5.7 million from the Bybit exchange.
- Ho labelled these transactions as a company payment.
- No she will spend 9 years & 11 months in jail for this crime
On 20 Feb 2025, Ho Kai Xin, 32, was sentenced to nine years and 11 months in jail after she pleaded guilty to five cheating charges, eight counts of dealing with the benefits of criminal conduct, and one count of giving false information to a public servant.
As per the investigation & court ruling, Xin first time committed a crime for more than $117,000 in May 2022 after making amendments to Microsoft Excel files. She cleverly tried to manipulate the transaction by showing it as a company payment.
When she successfully committed her first crime without knowing any person then, she got confident to do more crimes by cheating spree to drain her client company, ByBit, of its money.
Every month she was draining lots of funds from the Bybit platform’s electronic wallet to her four individual crypto wallets.
As per reports, she owned six bank accounts and four crypto wallets on four different cryptocurrency exchanges. To hide all these transactions she wisely labelled the transactions as a payment made by Bybit company to another party.
To mislead the ByBit exchange, she also inserted the names of other companies’ workers together with her electronic wallet addresses. Later she converted all the stolen cryptocurrencies into fiat money.
Between May 31 to Aug 31, 2022, she made a total of 8 crypto transfers from its electronic wallet to personal wallets, totalling more than $4.2 million worth of USDT stablecoin.
Following all similar unethical acts, she managed to steal a net $5.7 million in total & then she successfully laundered over $4.3 million of her criminal proceeds.
In February 2023, the respective department informed this matter to the police & two months later this former Bybit employee was arrested.
In the initial phase of the investigation, Ho lied badly & tried to mislead the investigation. She claimed that she was not behind these unethical practices, instead it was her cousin, who doesn’t exist.
Bybit Exchange History
Bybit is a popular crypto trading platform. This platform was established in March 2018 by Ben Zhou but the platform started operating its services in December 2018. This crypto exchange has its roots in China but this platform is registered as a global platform.
In 2024, Bybit exchange launched the Bybit Web3 wallet & successfully onboarded 10 million users to the Bybit Wallet.
Bybit Physical Crypto Cards
Just a couple of days ago, Bybit Exchange launched Bybit’s physical card for international users. These newly launched card services will allow users to make payments anywhere Mastercard is accepted, bridging the gap between digital assets and real-world transactions.
The crypto payment physical card by Bybit exchange regulated by the Astana Financial Services Authority, comes with features designed for both new and experienced crypto users.
All the Bybit VIP users will receive this card for free and regular users will be required to pay $29.99 to get it. The good thing about this Crypto card is that there are no monthly or annual fees.
Read also: Market Sentiments Suggest “Forget Crypto Bull Run, Sell Your Crypto”
