Illegal Trading, Lawsuit Against Huobi Global Ex-Manager

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Illegal Trading, Lawsuit Against Huobi Global Ex-Manager
Credit: © Reuters.

  • Huobi obtained License under the Dubai International Financial Centre (DIFC)
  • Huobi  has 24 hours of trading volume of $4,503,731,955.

Chen Boliang an Ex Senior manager of Huobi a Seychelles-based cryptocurrency exchange is accused of secretly obtaining $5 million by trading with a controlled account.

Huobi Global stated

Mr. Boliang Chen’s employment with Huobi Global was terminated in May 2020. We have no further comments about the charges against Mr. Boliang Chen and believe in the administration of justice by the HK Special Administrative Region.

Lawsuit Against Boliang 

Huobi has filed a civil lawsuit against Chen Boliang, a former senior manager who was responsible for the company’s institutional clients in Hong Kong. The issue involves deals that were reportedly made in February and March 2020.

He is suspected of maintaining a retail trading account in his father’s name and obtaining a $20 million credit line from the exchange. Then he allegedly utilized a different corporate account under his control to trade against the retail account, gaining about $5 million in profits in USDC.

According to a charge sheet made in Hong Kong this month, Chen is released on a $25,000 bail. According to the report, Boliang was arrested in May 2020, accused of “gaining unauthorized access to Huobi’s computer systems and dealing with the proceeds of a crime.

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