Huobi Slaps Former Senior Manager With Civil Lawsuit: Report

According to a Financial Times report, Huobi has filed a civil lawsuit against a former senior manager – Chen Boliang. The then-senior supervisor in the crypto exchange’s institutional purchasers division is now being prosecuted in Hong Kong.

  • Accusations have been leveled against him of fraudulently creating a retail trading account in his father’s name and offering it a $20 million credit line from Huobi.
  • Boliang allegedly went on to trade against it with another corporate account controlled by him.
  • FT revealed that the trades allegedly took place in February and March 2020, following which the former exec was reportedly arrested in May of the same year after the exchange terminated his employment.
  • He was then slapped with a civil lawsuit for “accessing Huobi’s computer systems with criminal or dishonest intent and dealing with the proceeds of a crime.”
  • Based on the lawsuit filed, Boliang reportedly netted around $5 million in profits denominated in USDC stablecoin.
  • He is currently out on a $25,000 bail. A Huobi spokesperson was quoted saying,

“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.”

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