Former Bybit payroll manager sentenced to six weeks in prison for stealing $4.2 million and refusing to comply with court orders

According to BlockBeats, on February 20th, the Straits Times reported that Ho Kai Xin, the former paymaster of Bybit who stole $4.2 million in public funds, refused to comply with a court order and spent nearly $840000 to purchase a permanently owned penthouse and Louis Vuitton luxury goods after the court ruling. The 32 year old woman was sentenced to six weeks in prison on January 27th for contempt of court for violating the order of the High Court. Previously, in July 2023, the cryptocurrency trading platform Bybit sued Ms. Ho, who was responsible for paying salaries within the company, for abusing her power and transferring a large amount of USDT to an address she secretly owned and controlled. On July 25th, the Ordinary Division of the High Court of Singapore upheld its judgment, stating that cryptocurrencies are generally recognized as property, and holders of encrypted assets generally have intangible property rights recognized by common law as items in litigation, and therefore can be enforced in court. The court ruled that Ms. Ho should immediately pay all transferred funds and interest to Bybit.