According to reports, a former top manager at the cryptocurrency exchange Huobi is accused of secretly earning $5 million by trading with a controlled account.
A civil case has reportedly been brought by Huobi against Chen Boliang, a former senior manager who oversaw institutional clients for the business in Hong Kong, according to a Financial Times report that was published this morning.
He is suspected of opening a retail trading account in his father’s name and obtaining a $20 million credit line from the exchange. He then allegedly utilized a different corporate account under his control to trade against the retail account, earning about $5 million in profits in USDC.
The transactions are said to have happened in February and March 2020. According to the report, Boliang was detained in May 2020 and accused of “accessing Huobi’s computer systems with criminal or dishonest intent and dealing with the proceeds of a crime,”. Currently, he is free on a $25,000 bail.
The transactions are said to have happened in February and March 2020. According to the report, Boliang was detained in May 2020 and accused of “gaining entry to Huobi’s computer systems and dealing with the proceeds of a crime.” Currently, he is free on a $25,000 bail.
A spokesman for Huobi told the FT in a statement that Mr. Boliang Chen’s employment with the company had ended in May 2020. The company does not have any other comments to make about the accusations made against Mr. Boliang Chen, and they trust that the HK Special Administrative Region will handle the administration of justice. A request for comment from the FT went unanswered by a Boliang lawyer.
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