Senior manager of a large crypto exchange that is accused of illegal trade

A former manager at Huobi, one of the world's greatest crypto exchanges, is pursued in Hong Kong after he was accused of he deserved $ 5 million by acting against a company account controlled by him.

The case that was not previously reported affects shops that were allegedly made in February and March 2020 by a manager at the time in the department for institutional customers of Huobi, Chen Boliang.

The complaints against Boliang come, since the crypto industry not only suffers a tightening loan clamp, but after years in the Wild West of the financial system is increasingly confronted with the consequences of the behavior of the employees and compliance problems that have caught up with more traditional banks and fund managers.

Huobi has developed into one of the five best crypto exchanges in the world after daily crypto trade volume since its introduction to China. The stock exchange is now registered in the Seychelles after it was taken against crypto exchanges in China last year.

Boliang's case will be temporarily examined in front of a judge next week. Such examinations under Hong Congery Law are applied for and carried out by a defendant to decide whether there is enough evidence to bring the case to court.

The 34-year-old Boliang was arrested in May 2020 and accused of dealing with the computer systems of Huobi with criminal or dishonest intentions and dealing with the proceeds of a crime in the form of USDT, a kind of StableCoin, worth $ 5 million.

According to a civil lawsuit submitted by Huobi, he allegedly set up a Huobi individual trading account on behalf of his father and granted him a credit line of $ 20 million from the stock exchange. He then acted against a Huobi company account, which he also controlled, a plan that earned him about $ 5 million, the lawsuit.

According to an indictment that was published in Hong Kong this month, Boliang is free against a deposit of $ 25,000. He faces six charges for access to Huobi's computer systems and an indictment point in connection with income from crimes. A lawyer of Boliang, Lareina Chan, did not answer a request for comment.

It is unclear how Huobi discovered business, although Boliang reported to the police in April of the same year.

Huobi Global said: "The employment of Mr. Boliang Chen at Huobi Global ended in May 2020.

law enforcement agencies worldwide have tried to monitor cryptoma markets more aggressive in recent years, and made it clear that they accept criminal laws that apply to traditional financial companies.

At the beginning of this month, US prosecutors put up with a case of insider trade against a former employee of OpenSea, the marketplace for non-fungible tokens or NFTS. Such assets have become prominent through their use in digital works of art.

Additional reporting by Ryan McMorrow in Beijing