The former payroll head of Bybit, who embezzled $4.2 million, refused to comply with a court order and was sentenced to six weeks in prison

2025-02-20 14:32:47

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ChainCatcher news, according to The Straits Times, former Bybit payroll head Ho Kai Xin, who embezzled $4.2 million in public funds, refused to comply with a court order and spent nearly $840,000 on a permanent ownership penthouse and Louis Vuitton luxury goods after the court ruling.

For violating the High Court's order, the 32-year-old woman was sentenced to six weeks in prison for contempt of court on January 27.

Previous news, in July 2023, the cryptocurrency exchange Bybit sued Ms. Ho for abusing her power by transferring a large amount of USDT to addresses she secretly owned and controlled.

On July 25, the Singapore High Court upheld the ruling, stating that cryptocurrencies are generally recognized as property, and holders of crypto assets have, in principle, intangible property rights recognized by common law, which can be enforced in court as items in litigation. The court ordered Ms. Ho to immediately pay Bybit all transferred amounts and interest.

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