A civil lawsuit has been filed against a former senior manager at crypto exchange Huobi for illicit trading and making about $5 million in profits in USDC.
The accused, Chen Boliang oversaw institutional clients for the exchange in Hong Kong.
He is accused of setting up a retail trading account under his father’s name and extending a $20 million credit line to it from the exchange. He then used an account he controlled to trade against the account under his father’s name.
In these activities, which took place in February and March 2020, he earned a profit of about $5 million in USDC.
Boliang was fired from Huobi in May 2020 and arrested on the charges of “accessing Huobi’s computer systems with criminal or dishonest intent and dealing with the proceeds of a crime.”
A Huobi spokesperson said “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.”
Boliang is currently out on a $25,000 bail.
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