Hong Kong Court Acquits Former Huobi Manager of Tether Trading Scheme

A former senior manager at Huobi cryptocurrency exchange has been acquitted by a Hong Kong court of secretly moving 5 million Tether.

The acquittal comes after a seven-member High Court jury delivered a majority verdict finding insufficient evidence to prove Chen Boliang's involvement in the alleged dark pool trading scheme.

The Securities and Futures Commission's regulations prohibit individual investors from using Huobi's dark pool, which involves institutional investors trading privately without publicly disclosing transactions. Prosecutors alleged that Chen set up an individual account under the name 'Chen Feng' in January 2020 and used it to trade in the dark pool between February 27 and March 14.