USDT News: Ex-Bybit Payroll Chief Sentenced to Nearly 10 Years for Stealing $5.7M in Crypto

The former payroll chief at Bybit, Ho Kai Xin, has been sentenced to nearly 10 years in prison for stealing $5.7 million in cryptocurrency from the exchange.

Ex-Bybit Payroll Chief Sentenced to Nearly 10 Years for Stealing $5.7M in Crypto

Ho Kai Xin, the former payroll chief at cryptocurrency exchange Bybit, has been sentenced to nine years and eleven months in prison for misappropriating public funds amounting to $5.7 million. Ho conducted a series of illegal transfers, moving large amounts of cryptocurrency from Bybit’s corporate e-wallet to four personal wallets under her control. The case dates back to 2023 when the exchange filed a lawsuit against Ho, alleging she violated her employment contract by the unauthorized transfer of USDT to her personal crypto addresses and fiat currency to her bank account.

Tether’s Massive Surge: Potential Game-Changer for Bitcoin and Global Markets

Tether’s supply surge to 120 billion forecasts shifts in cryptocurrency trends, affecting Bitcoin’s trajectory. Tether bridges traditional finance and crypto, enhancing liquidity. Growth raises concerns about reserve transparency, impacting trust. Tether challenges central banks, leading to potential regulatory changes. It offers affordable international transactions but might contribute to economic disparities.

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