Former Senior Manager of Huobi Group Accused of Dark Pool Transactions to Transfer Nearly 5 Million USDT; All Seven Charges Dismissed

According to Hong Kong 01, Chen Bailiang, then a senior manager at Huobi Group, is alleged to have registered a personal account on the company’s platform under the name “Chen Feng,” bypassing the dark pool trading privileges reserved exclusively for corporate clients. This allowed him to conduct over-the-counter (OTC) bulk trades without price or quantity restrictions, and he transferred approximately 4.999 million USDT (worth roughly HK$39.18 million) in five separate transactions to his personal accounts on OKX and Binance. Chen Bailiang faced six charges of unauthorized access to a computer and one charge of money laundering. On April 24, 2026, the jury of the Hong Kong High Court returned verdicts of not guilty on all counts, and the court also granted the defendant’s application for costs.