Huobi Ex-Manager Acquitted of Tether Misappropriation

A Hong Kong court has delivered its verdict in a high-profile case involving a former senior manager at Chinese cryptocurrency exchange Huobi.

The seven-member High Court jury acquitted Chen Boliang of secretly moving five million Tether, worth approximately HK$39 million (US$5 million), to his own accounts between February 27 and March 14, 2020.

Prosecutors alleged that Chen had set up a Huobi account under the name 'Chen Feng' in January 2020 and used it to trade in the dark pool, which is restricted to institutional investors.

The court's decision was based on evidence showing that Chen's other cryptocurrency exchange accounts received large transfers from his Huobi accounts during the same period.