Huobi accuses the former senior manager of having done $ 5 million through illegal business

Von Krypto News Österreich

    According to reports, Chen Boliang, on behalf of his father, set up a Huobi individual trading account and provided him with a loan of $ 20 million $
  • Huobi ended Chen's employment in May 2020, a spokesman told Blockworks

A former manager of the well -known cryptocurrency exchange Huobi was accused of collecting $ 5 million in Tether (USDT) by secretly acting against a company account under his control.

chen Boliang, the former employee, is pursued in Hong Kong due to alleged business in February and March 2020 Financial times reported on Wednesday. Huobi was founded in China in 2014, but has since registered on the mainland on the Seychelles according to crypto raids.

chen's employment at Huobi Global ended in May 2020, a company spokesman told Blockworks. He was part of the department for Huobi.

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"We have no further comments on the charges against Mr. Boliang Chen and believe in the legal care by the special administration region Hong Kong," they added.

Shortly after his release, Chen was arrested under the accusation of using Huobi's computer in criminal and dishonest intentions and using the illegal revenue of $ 5 million in Stablecoin Usdt, the FT said, citing court files in Hong Kong. He faces a total of seven charges.

A civil lawsuit that has been reported by the crypto exchange shows that Chen used the name of his father to create a Huobi individual trading account and to grant him a credit line of $ 20 million directly from the company.

The lawsuit argues that the former employee acted against a Huobi company account under his supervision, steps that helped him to sink $ 5 million.

According to FT, Chen will face a judge next week during a preliminary hearing. This would determine whether the case contains sufficient evidence to go to court. It is currently at a large period for a deposit of $ 25,000, according to the report, citing an indictment.

It is not clear how Huobi Chen's alleged illegal business discovered, but the stock exchange reported to the police in April 2020. Huobi is currently the fourth largest crypto exchange in the world according to trade volume, behind Coinbase, FTX and Binance, after she has processed more according to Coingecko Data.

The authorities carefully observed the cryptocurrency sector after its comet growth last year. At the beginning of this month, the Ministry of Justice complained to the former product manager of OpenSea, Nathaniel Chastain, for transfer fraud and money laundering in connection with NFT insider trade.

A lawyer of Chen did not immediately answer the request from block works for comment.

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The contribution Huobi accuses former senior manager of having done $ 5 million through illegal businesses is not a financial advice.