Ho Kai Xin, a former employee of Wechain FinTech, stole over $4 million from the cryptocurrency exchange ByBit by manipulating payroll records. The fraud was uncovered in 2022, and in 2025, Ho was sentenced to 9 years and 11 months in prison. The exchange was able to recover $1.27 million. This case highlights the importance of effective internal controls in cryptocurrency companies to prevent such crimes and losses.
2/21/2025 10:03:35 AM (GMT+1)
A former employee of Wechain FinTech, Ho Kai Xin, has been sentenced to nearly 10 years in prison for stealing over $4 million from the ByBit cryptocurrency exchange through manipulation of payroll data
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This material was prepared by Khachatur Davtyan, developed and translated by artificial intelligence.
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