Ho Kai Xin, a former staff member at WeChain Fintech Singapore, was sentenced to nine years and 11 months for embezzling over $5.7 million. She exploited her position to manipulate Microsoft Excel files to divert funds into her own accounts.
Payroll Fraud
According to 'The Straits Times,' her fraudulent activities began in May 2022 when she altered payroll data to reflect unauthorized payments. Initially, she stole over $117,000 from WeChain. She then diverted over 4.2 million USDT into four personal wallets by inserting fraudulent entries and listing her own wallet addresses next to employee names.
Luxury and Lies
Despite being under investigation, Ho continued to live lavishly. She placed a down payment of nearly $750,000 for a penthouse valued at over $3.7 million. She also spent nearly $30,000 on Louis Vuitton products and purchased a Mercedes-Benz worth $420,000. Police later seized over $330,000 of her assets.
Consequences and Punishment
Ho pleaded guilty to multiple charges, including cheating and providing false information. In addition to her main sentence, she received an extra six-week jail term in January 2024 for contempt of court. Bybit recovered approx. 1.1 million USDT and $140,000, but a significant portion remains untraceable.
Employee fraud can cause significant damage to a company. Despite Bybit's efforts to recover funds, a large sum remains missing.
