A former manager at a major crypto exchange is accused of making illegal trades to bank $5 million in tether, report says
- A former manager of the world's fourth largest cryptocurrency exchange was accused of making illegal trades, the FT first reported.
- Chen Boliang worked for Huobi and reportedly made $5 million in
tetherby betting against a company account.
- Boliang reportedly set up a retail account in his father's name and deposited $20 million in credit to make trades.
A former senior manager at Huobi, the world's fourth largest cryptocurrency exchange by
Chen Boliang is being prosecuted in Hong Kong for the alleged trades that were made between February and March of 2020. Boliang reportedly made a retail account in his father's name and then deposited $20 million of credit into the account. Boliang is accused of making trades with that account, and ultimately pocketing $5 million in gains in the form of the Tether stablecoin.
A company spokesperson said Boliang's employment was terminated in May 2020, and that the former employee worked in Huobi's institutional clients department.
A civil lawsuit filed by Huobi reveals that Boliang provided the retail account with a $20 million credit line directly from the firm, essentially allowing the trades to be placed on margin with all the risk falling on Huobi.
Boliang was arrested shortly after his firing on the accusation that he used Huobi's computers with criminal and dishonest intent, according to the report, which cited Hong Kong court records. Boliang ultimately faces seven counts in total.
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