Huobi’s ex-manager accused of illicit trading

A former senior manager at Huobi, the crypto exchange, Chen Boliang, is being accused of secretly making $5 million by trading against an account that he controlled.

A Financial Times report has it that Huobi has filed a civil lawsuit against Boliang.

Boliang used to looking after institutional clients at the company in Hong Kong.

Boliang is accused of setting up a retail trading account in his father’s name and extending it a $20 million credit line from the exchange, before trading against it with another corporate account that he controlled.

Boliang netted some $5 million in profits denominated in USDC.

The trades allegedly took place in February and March 2020.

Boliang was reportedly arrested in May 2020 and charged with “accessing Huobi’s computer systems with criminal or dishonest intent and dealing with the proceeds of a crime.”

He is currently out on a $25,000 bail.