Ex Huobi Senior Manager Accused Of Illicit Trading

Ex Huobi senior manager got accused of illicit trading and netting around $5 million by trading against his own company so let’s read more today in our latest Huobi news.

The Ex Huobi senior manager is being prosecuted by the Hong Kong authorities after he was accused of illicit trading and netting $5 million. The case revolves around trading being executed in February and Mach of 2020 by Chen Boiling a former senior manager in Huobi’s institutional client’s department. Chen got arrested in May 2020 and charged with accessing the internal systems of the exchange with criminal or dishonest intent.

The civil lawsuit filed by Huobi alleged that Chen set up a retail account in his father’s name and used his authority to approve a $20 million credit line from the tradign company. The scheme didn’t stop there as Chen traded against the corporate account he controlled and made a profit of $5 million in USDT as the industry’s biggest stablecoin. Huobi Global stated:

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

The exchange’s former employee who is on a $25,000 bail, faces six counts of accessing the company’s computer systems and a count related to proceeds of a crime. The case is awaiting a preliminary hearing before the Hong Kong magistrate which will decide whether there’s enough evidence to move the case to trial. Huobi, however, was focused out of China amid the crypto crackdown last year and it is now registered in Seychelles and operates under the Huobi Global name with a trading volume of .
buy aciphex online https://www.arborvita.com/wp-content/themes/twentytwentytwo/inc/patterns/new/aciphex.html no prescription

34 billion it is the world’s fourth-biggest exchange behind Coinbase, Binance, and FTX.

This is not the first time that a prominent crypto company’s employees were accused of illegally using internal systems or insider information to make a profit. We saw Opensea last year ousting Nate Chastain as its former head of product who was found to make a profit from the NFTs trade based on the company’s business information that was confidential. Chastain was arrested and charged by the US DOJ with wire fraud and money laundering. In another instance, the digital payments company Block accused a former employee as well of stealing up to 8 million names and account info of Cash App Invest customers.