Thirty-two-year-old Ho Kai Xin has been sentenced to nine years and 11 months in jail after pleading guilty to cheating charges related to the theft of $5.7 million worth of cryptocurrencies from the Bybit crypto exchange. The court found her guilty of committing five cheating charges, eight counts of dealing with the benefits of criminal conduct, and one count of giving false information to a public servant.
The investigation revealed that Ho Kai Xin first committed a fraudulent act in May 2022 by manipulating Microsoft Excel files to show unauthorized transactions as company payments. Encouraged by her initial success, she continued to drain funds from the Bybit platform’s electronic wallet to her personal crypto wallets every month. She cleverly labeled these transactions as legitimate payments made by the company to other parties to conceal her fraudulent activities.
Over a period of three months, between May 31 and August 31, 2022, Ho Kai Xin made a total of eight crypto transfers from Bybit’s electronic wallet to her personal wallets, amounting to more than $4.2 million in USDT stablecoin. In total, she managed to steal $5.7 million and laundered over $4.3 million of her criminal proceeds.
In February 2023, the authorities were alerted to the fraudulent activities, leading to Ho Kai Xin’s arrest two months later. Initially, she tried to mislead the investigation by claiming that her cousin was responsible for the crimes, but her lies were soon uncovered.
Bybit is a well-known cryptocurrency trading platform established in 2018 by Ben Zhou. The platform gained popularity for its user-friendly interface and global reach. In 2024, Bybit launched the Bybit Web3 wallet, attracting 10 million users to its platform.
Recently, Bybit introduced physical cards for international users, allowing them to make payments anywhere Mastercard is accepted. This move aims to bridge the gap between digital assets and real-world transactions. VIP users will receive the card for free, while regular users can purchase it for $29.99 with no additional fees.
Ho Kai Xin’s fraudulent activities have highlighted the importance of thorough security measures in the cryptocurrency industry to prevent similar incidents in the future. Bybit’s commitment to enhancing user experience and security through initiatives like the physical card demonstrates the platform’s dedication to maintaining a safe and efficient trading environment for its users.