A former senior manager at Huobi, the world's fourth largest cryptocurrency exchange by trading volume, is facing serious accusations. Hong Kong authorities are prosecuting a former senior manager at crypto exchange Huobi, accusing him of illicitly making $5 million by secretly trading against the exchange. A former manager with one of the world’s largest digital currency exchanges, Huobi, is being accused of illicit trading that allegedly made him $5 million in profits. A report details how the incident unfolded, stating that Huobi is now taking action against its former employee for carrying out illicit trading and pocketing $5 million.

The case revolves around Boliang, 34, who, according to a report, secretly generated several million dollars by trading against an account he managed. Huobi alleged that Boliang set up a retail trading operation. A one-time senior manager at prominent cryptocurrency exchange Huobi has been accused of raking in $5 million in Tether (USDT) by secretly trading against a company account.

A former senior manager at Huobi, the crypto exchange, reportedly faces accusations that he secretly made $5 million by trading against an account that he controlled. He was then slapped with a civil lawsuit for “accessing Huobi’s computer systems with criminal or dishonest intent and dealing with the proceeds of a crime.” The details show that the former manager for major crypto exchange Huobi is facing prosecution in Hong Kong for allegedly running an insider trading operation that eventually netted him $5 million. 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 exploiting his position.