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.

ChainCatcher news, a ruling from the Singapore High Court shows that the court has recognized cryptocurrency as property in a case involving Bybit. It is reported that Bybit previously sued Ho Kai Xin in Singapore court for breaching her employment contract and abusing her authority, transferring over 4.2 million USDT to an address she owns and controls, and transferring a certain amount of fiat currency into her own bank account.The presiding judge, Philip Jeyaretnam, stated that USDT can be held in trust, and the holders of crypto assets generally possess intangible property rights recognized by common law, thus allowing for enforcement in court.