A former Huobi executive was acquitted by a Hong Kong High Court ruling that found the charges to be unsubstantiated; allegations of Tether dark-pool trading were not substantiated

On April 24, the seven-member jury of the High Court of Hong Kong ruled by a majority vote that the charges against Chen Boliang, a former senior manager of the cryptocurrency exchange Huobi (now renamed HTX), for allegedly using a pseudonymous personal account on Huobi’s platform trading in the dark pool to conduct trades in 2020 were not established. The jury also found that six counts of accessing a computer with criminal or dishonest intent and one count of money laundering were not established, with all charges failing. The amount involved relates to 5 million Tether (USDT) tokens.

Basis of the verdict: The jury found the prosecution’s evidence insufficient

According to the trial records of the High Court of Hong Kong, after deliberating for one day, the jury ruled by a majority vote that the prosecution failed to provide sufficient evidence to prove that Chen Boliang was the actual controller of the personal account opened on Huobi in January 2020 under the name “Chen Feng,” using a Mainland China identity card.

The prosecution alleged that between February 27 and March 14, 2020, Chen Boliang used the above pseudonymous account and three other company accounts he additionally controlled to conduct trades in the dark pool on the Huobi platform. Under relevant regulations of the Securities and Futures Commission (SFC) of Hong Kong, dark pool trading is restricted to institutional investors, and individual investors are strictly prohibited.

Four former Huobi executives declined to testify for the prosecution

According to the court trial records, four former Huobi executives (including the former chief operating officer and an audit director) declined to testify for the prosecution during the trial at the High Court of Hong Kong.

After the prosecution failed to complete its burden of proof, senior barrister Chen Qinglong, representing Chen Boliang, applied to the court for the prosecution to bear the defendant’s legal costs, and the judge approved the application.

Background of the entities involved: Huobi and HTX

According to publicly available information, Huobi (Huobi) began operations in Mainland China in 2013. After Beijing announced a full crackdown on cryptocurrency activities in 2021, it withdrew from China. In 2023, it was officially renamed as HTX, and its headquarters is currently located in the Seychelles.

Frequently asked questions

What is the final verdict of the High Court of Hong Kong regarding the Chen Boliang case?

According to the High Court of Hong Kong’s verdict dated April 25, 2026, the seven-member jury ruled by a majority vote that all of Chen Boliang’s charges were not established, including trading in Huobi’s dark pool using a pseudonymous account, six counts of accessing a computer with criminal or dishonest intent, and one count of money laundering.

What type of crypto assets were involved in the trades Chen Boliang was charged with, and what was the amount?

According to the trial records, the prosecution alleged that the trades involved 5 million Tether (USDT) tokens, with an estimated market value of about HK$39 million, and the trading period was February 27 to March 14, 2020.

Why did the four former Huobi executives fail to appear to testify, and how did this affect the verdict?

According to the court trial records, four former Huobi executives (including the former chief operating officer and an audit director) refused to testify for the prosecution. After that, the defendant’s barrister Chen Qinglong applied for compensation of legal costs on the grounds that the prosecution failed to adduce sufficient evidence, and the judge approved the application.