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Crypto exchange executive Huobi accused of offsetting $5,000,000 through illegal trading: report

Crypto exchange Huobi is reportedly suing a former executive accused of stealing $5 million in Tether (USDT) collected by secretly trading against a company account under his control.
The Financial Times reports that Chen Boliang was involved in the illicit trading scheme between February and March 2020 when he was still a senior manager in Huobi’s institutional clients department.

The lawsuit alleges that Chen set up a Huobi retail account under his father’s name and gave him a $20 million line of credit from the exchange. He then traded it against a company account that he also oversees.

The 34-year-old allegedly earned USDT worth $5 million from the illegal trade. Chen faces a total of seven charges for accessing Huobi’s computer systems and handling the proceeds of fraudulent trading activities.

Huobi says it terminated Chen’s employment in May 2020.

“We have no further comments on the charges against Mr. Boliang Chen and believe in the administration of justice by the HKSAR.”

It’s unclear how the scheme was discovered, but the exchange reported Chen to Hong Kong police in April 2020, and he was arrested the following month. An indictment shows the former manager is free on $25,000 bail.

Chen’s case is scheduled for a preliminary hearing before a judge next week to determine if there is enough evidence to warrant a trial.
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