Former parole manager, Ho Kai Shin, has been sentenced to nine years and 11 months in jail for stealing $ 4.2 million from Bibit.
According to Singapore news outlet Straight timeThe 32 -year -old woman convicted five allegations of cheating, eight cases of benefiting from criminal conduct and a count to provide false information to a public servant. 30 other allegations were considered during his court hearing before being sentenced.
The prosecution stated that the Ho Ho is using 5.7 million SGD ($ 4.2 million), which has been stolen from Baibit Fintech since June 2022 for “a grand lifestyle”. Court documents states from 20 October 2021 to October 2022. Microsoft EXCEL manipulated the spreadsheet, when he worked as an outsource parole manager for the Crypto firm, paid for about 900 bybit employees.
In late January, Ho was already sentenced to six weeks jail for disregarding court orders, when he was ordered by a civil court, about 840,000 SGDs from the stolen funds on a penthouse and luxury goods after the order was given by a civil court. ($ 627,633) was spent. ,
Ho, when she sentenced to six weeks of jail, she will serve her long sentence.
How to Ho Kai Shin stole $ 4.2m from Baibit
Deputy Government Prosecutor Jeremy Bin said that Ho used the money stolen from the Crypto exchange to buy luxury items like sunglasses, bags, shoes, shirts and rings from Louis Witon. He also put a down payment of about 750,000 SGD ($ 560,388) for a penthouse worth more than 3.7 million SGD ($ 2.7 million).
The theft for the first time was stolen in May 2022 when it stole more than 117,000 SGDs ($ 87,417) from Vichen, the company admitted to the bibet employees to handle parole. He manipulated the Microsoft Excel files to ensure that the fund was transferred to its bank accounts instead of the firm.
Bin said, “When his actions stopped, the accused went to a deception competition to drain his client company, the buybit,” Bin said. ,
Ho was owned by six bank accounts and four electronic wallets on four separate crypto platforms. It will change the Excel spreadsheet rows for payment of outstanding by the Crypto firm in USDT (USDT) to send the money to the address of its wallet instead of the wallet of the bibit employees.
If there is, the stolen crypto fund will be converted into Fiat currency. From 31 May to 31 August, 2022, Bibit transferred eight cryptocurrency for four wallets of Ho, with more than US $ 4.2 million.
When he betrayed the company to transfer the $ 4.3 million crypto to his wallet, he looted a large part of the stolen funds, so that they were unattainable.
Her crimes were discovered in September 2022, when a Witch Finance Director focused on unusually large crypto transfer in the spreadsheet. After the internal investigation was concluded, a weed representative reported HO to the police in February 2023. He was arrested two months later.
