A former senior manager at Huobi, one of the world’s largest crypto exchanges, is being prosecuted in Hong Kong after accusations that he made $5mn by secretly trading against a company account he controlled.
The case, which has not been previously reported, concerns trades allegedly made in February and March 2020 by a then-senior manager in Huobi’s institutional clients department, Chen Boliang.
The claims against Boliang come as the crypto industry not only endures a spiralling credit crunch but, after years in the wild west of finance, is increasingly facing the consequences of employee conduct and compliance issues that have ensnared more traditional banks and fund managers.
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