A Singapore court has sentenced a woman to nearly 10 years in prison for orchestrating a $5.7 million fraud scheme that targeted crypto exchange Bybit.

Ho Kai Xin, who worked at WeChain—a firm responsible for handling Bybit's payroll—was found guilty of 44 charges, including fraud and money laundering. The court ruled that she manipulated payroll records, diverting millions to her personal crypto wallets.

According to The Straits Times, Ho’s crimes went undetected for months, allowing her to fund an extravagant lifestyle. She used stolen funds to buy luxury goods, including Louis Vuitton accessories, and even placed a $750,000 deposit on a $3.7 million penthouse.

Authorities uncovered the scheme in early 2023 when a WeChain representative alerted police. Investigations revealed that Ho had altered Microsoft Excel files to misrepresent payroll data, falsely directing company funds into her accounts. She then converted the stolen crypto into fiat currency.

Bybit recovered over $1.1 million in Tether from her wallets and seized $140,000 from her bank accounts. Law enforcement also confiscated assets worth $330,000, including a Mercedes-Benz. However, Ho has not offered to repay the remaining stolen amount.

During the investigation, she attempted to mislead authorities by blaming a fictitious cousin, "Jason Teo." Prosecutors argued that Ho became emboldened after her initial fraud went unnoticed, leading her to expand the scheme.

Despite her lawyer's plea for a reduced sentence due to her young children, the court imposed a nine-year, 11-month prison term. Ho’s sentence will begin after she serves an additional six weeks for contempt of court, following her decision to spend the stolen funds despite legal orders.