Ex-manager of crypto firm Huobi acquitted of moving millions into account

Ex-Huobi manager acquitted in Hong Kong of moving US$5 million in Tether to personal accounts; jury finds him not guilty after six-year case. | Contesto: cronaca

Punti chiave

• Ex-manager of crypto firm Huobi acquitted of moving millions into account

Contesto

A former senior manager at the major Chinese cryptocurrency exchange Huobi, now known as HTX, has been acquitted by a Hong Kong court of secretly moving approximately US$5 million in Tether stablecoins—equivalent to about HK$39 million—to his own accounts six years ago. The verdict was delivered on Friday by a seven-member High Court jury, which found Chen Boliang not guilty of accessing the exchange’s platform to trade in the dark pool under an individual account he had created using an alias. The case, which dated back to events in 2018, centered on allegations that Chen had exploited his position to funnel the stablecoins from Huobi’s systems into accounts he controlled. The prosecution had argued that the transfers were unauthorized and that Chen had used his knowledge of the platform’s inner workings to conceal the transactions. However, the defense maintained that the funds were legitimately allocated as part of his compensation or operational responsibilities, and that no criminal intent existed. Chen’s acquittal comes amid a broader regulatory crackdown on cryptocurrency exchanges in China and Hong Kong, where authorities have grown increasingly wary of digital asset risks, including fraud, money laundering, and market manipulation. Huobi, once one of the world’s largest crypto exchanges, has faced its own challenges, including leadership changes and regulatory pressures, which led to its rebranding as HTX in 2022. The trial highlighted the complexities of prosecuting financial crimes in the rapidly evolving crypto sector, where ownership and control of digital assets can be difficult to trace. The jury’s decision to acquit may reflect the high burden of proof required in such cases, particularly when transactions occur on decentralized platforms or in opaque market segments like dark pools. Industry observers note that the verdict could have implications for how similar cases are handled in Hong Kong, which is striving to position itself as a global hub for digital finance while maintaining robust legal standards. The outcome also underscores the challenges regulators face in balancing innovation with oversight, especially when former employees of...

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Categoria: cronaca