Former Bybit Payroll Manager Gets Six Weeks in Jail

Ho Kai Xin, a former payroll supervisor with Bybit, was handed a six-week jail sentence for flouting courtroom orders following a $4.6 million theft from the change.

Ho was ordered in 2022 by a civil courtroom to not use the funds she lifted from Bybit, however the 32-year-old lady spent $840,000 from the funds on Luxurious items.

Ho acquired a freehold penthouse and a few Louis Vuitton luxurious items from November to December of that 12 months, going towards the courtroom order.

The previous Bybit Payroll supervisor labored beneath WeChain Fintech, which supplied payroll companies for ByBit.

The $4.6 million Heist

Ho lifted $4.6 million from Bybit by manipulating the cost spreadsheet of Bybit Staff.

She owned crypto pockets addresses, every on completely different crypto platforms, and operated six financial institution accounts.

She was the one individual tasked with sustaining spreadsheets that contained particulars of the salaries to be paid to 800 to 900 ByBit staff.

She carried out the heist by inserting fraudulent rows with pockets addresses she owned and mixing them with the main points of Bybit staff.

After funds have been disbursed by Bybit, Ho converts a few of the USDT she receives into fiat forex earlier than transferring the monies into her financial institution accounts.

She would then switch the loot to her different financial institution accounts or use the cash to buy luxurious gadgets.

For 4 months, ByBit made eight transfers to wallets managed by HO, amounting to 4.2 million USDT.

Bybit found the heist on Oct 3, 2022, and launched authorized motion towards HO.

Since ByBit uncovered the heist, they’ve recovered about 1.17 million USDT from her digital wallets and $141,787.11 from considered one of her financial institution accounts.