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Huobi exchange accuses former manager of misappropriating $5 million

Huobi exchange accuses former manager of misappropriating $5 million

The crypto platform sued a fired employee for trading using a fake account and drawing up a $20 million credit line.

As reported by Financial Times, the company filed a civil lawsuit in a Hong Kong court against unscrupulous employee Chen Boliang.

Chen Boliang, who worked with the company's institutional clients in Hong Kong, is accused of opening a trading account in his father's name and approving a $20 million credit line. Using this and other corporate accounts illegally, a fired employee made about $5 million in stablecoin USDC in 2020.

The fraud was allegedly conducted in February and March 2020. Boliang had previously been accused of illegal actions regarding a cryptocurrency exchange. He was arrested in May 2020 for "accessing Huobi computer systems with criminal or dishonest intent and using the proceeds of crime." Currently, he has been released on $25,000 bail.

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