Singapore Woman Who Stole $4.2 Million in Bybit Assets Told to Return Them

Judge Rules Singapore Woman Violated Property Rights

The Singapore judge ruled the assets stolen from Bybit were covered by a “thing in action” property right reserved for intangible assets. The owner of an intangible asset can stake their claim through legal proceedings instead of possession.

Bybit sued Ho Kai Xin after discovering eight unusual crypto payments in September last year, transferring 4.2 million USDT to four addresses. Additionally, over $100,000 also landed in Ho’s account.

The exchange later froze assets she stole by manipulating spreadsheet files at Bybit’s payroll provider.

The defendant bought a penthouse, a car, and several luxury items, including a Louis Vuitton bag, with the stolen funds. The judge’s ruling mandates she returns the stolen crypto and fiat previously held under trust for Bybit.

“The evidence is indeed compelling that Ho fraudulently transferred the crypto asset and the fiat asset to herself,” he said.

Bybit Ruling Could Define Ownership of Crypto Assets in Future Cases

The judge’s ruling of crypto assets as a “thing in action” is a first for Singapore. It could help legally define the circumstances under which cryptos belong to an individual even if a custodian or trustee holds their assets.