An article in the Financial Times states that Chen Boliang, a former senior manager of the Huobi center’s customer service department, made $5 million by trading the company’s stock. In Hong Kong the accused is being prosecuted.
The agreements took place in February and March 2020, but according to FT, the case has not been filed earlier. Boliang, a former chief executive of Huobi Global, one of the world’s largest cryptocurrency exchanges, traded secretly against another account he controlled.
Boliang’s case is set for a “preliminary investigation” next week, despite the fact that there must be enough evidence under Hong Kong law to continue the trial. Evidence shows the 34-year-old gained access to business computer systems and took over $ 5 million for Tether, the largest stablecoin (USDT).
Boliang also opened a trading account under his father’s name and deposited $ 20 million from Huobi, according to the Financial Times. According to the document, he continued to trade with his business account.
Boliang has been granted $25,000 bail and will face trial on “six counts” of Huobi computer system abuse and “one count” of $5 million in fines. FT contacted his lawyer, Lareina Chen, but declined to comment.
Huobi Global stated the following:
“In May 2020, Mr. Boliang Chen’s employment with Huobi Global came to an end. We don’t have any other comments to make about the accusations made against Mr. Boliang Chen, and we trust that the HK Special Administrative Region will handle the administration of justice.”
Internal trade has risen sharply with the global emergence of crypto currencies, according to a Wall Street Journal survey from May. According to research based on publicly available data, employees of other major cryptocurrency platforms, such as Binance, Coinbase, and FTX, benefited greatly from using the company’s split data.
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