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Huobi Slaps Former Senior Manager With Civil Lawsuit: Report

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Huobi has filed a civil lawsuit against former senior manager Chen Bolian, according to a Financial Times report. A criminal case is currently underway in Hong Kong against the then senior head of the institutional buyers department of a cryptocurrency exchange.

  • He was accused of fraudulently creating a retail account in his father’s name and offering him a $20 million line of credit from Huobi.
  • Boliang allegedly continued to trade against him with another corporate account controlled by him.
  • FT disclosed that trading allegedly took place in February and March 2020, after which the former chief executive was reportedly arrested in May of that year after the exchange fired him from his job.
  • He was then filed a civil lawsuit for “accessing Huobi’s computer systems with criminal or dishonest intent and obtaining the proceeds of crime.”
  • Based on the lawsuit filed, Boliang reportedly made about $5 million in profits denominated in USDC stablecoin.
  • He is currently on $25,000 bail. According to a Huobi spokesperson,

“Mr. Boliang Chen’s employment with Huobi Global was terminated in May 2020. We have no further comment regarding the allegations against Mr. Boliang Chen and we believe in the administration of justice by the Hong Kong Special Administrative Region.”

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Credit : cryptopotato.com

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