Xavier Kong · · 1 min readEx-Huobi manager to be prosecuted for illegal trading
A former Huobi senior manager is being prosecuted in Hong Kong for allegedly profiting US$5 million from illicit trading within the crypto exchange, according to a Financial Times report.
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The accused, Boliang Chen, was sacked and arrested in May 2020 for trading against his company account. He used a retail account under his father’s name and assigned a credit line of US$20 million.
This saw him illegally profiting US$5 million worth of stablecoin, USDT. The trades allegedly happened between February and March 2020.
Chen now faces six counts of accessing Huobi’s computer systems with dishonest intent and one count of handling the proceeds of crime.
He is out on a US$25,000 bail and will undergo a preliminary inquiry next week, where the presiding magistrate will determine whether there is sufficient evidence to proceed to a trial.
See also: First Luna, now Celsius. What’s behind the latest crypto crisis?
Editing by Samreen Ahmad and Joy Tirkey
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