A woman who handled the payroll for a cryptocurrency exchange stole US$4.2 million (S$5.6 million) worth of crypto, then went on a spending spree, including buying a $3.7 million freehold penthouse after cancelling her Built-To-Order flat. The High Court ordered Ms Ho Kai...
“It is only because people generally accept the exchange value of shells or beads or differently printed paper notes that they become currency. Money is accepted by virtue of a collective act of mutual faith,” he said.
He concluded that the USDT, which may be transferred from one holder to another cryptographically without the assistance of the legal system, are things in action.“While some people are sceptical of the value of crypto assets, it is worth keeping in mind that value is not inherent in an object,” he said.
In her defence filed on Nov 11, 2022, Ms Ho blamed her supposed cousin, Mr Jason Teo, for stealing the crypto from ByBit without her knowledge. On March 30, 2023, ByBit applied for summary judgment, which meant it was asking the court to decide in its favour without going through a trial. Ms Ho did not attend any court hearing or file submissions.
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