Ex-employee of crypto trading store charged by ICAC with bribery for diversion of HK$9m in customer transactions

The ICAC today (September 30) charged a former employee of a cryptocurrency over-the-counter (OTC) trading store for allegedly accepting bribes to secretly divert clients to execute multiple Tether (USDT) transactions with cryptocurrency wallets belonging to others, involving a total transaction volume of nearly HK$9 million within a three-month period.

Hung Pak-hin, 31, then customer service and operations assistant of One Satoshi Trading (Hong Kong) Limited (One Satoshi), faces one count of conspiracy for an agent to accept advantages, contrary to section 9(1)(a) of the Prevention of Bribery Ordinance and section 159A of the Crimes Ordinance. He was released on bail, pending his appearance at the Fanling Magistrates’ Courts for plea on Friday (October 2).

One Satoshi operates several OTC trading stores in Hong Kong, offering fiat-to-crypto buying and selling services. At the time of the alleged offence, the defendant was an employee at the Sheung Shui branch. Responsible for conducting transactions with customers, the defendant was required to use the company’s cryptocurrency wallet during the process.

The charge alleges that between August and November 2023, the defendant accepted bribes from two men for diverting cryptocurrency transactions of the clients of the store, executing them through cryptocurrency wallets provided by the duo. The defendant was reportedly rewarded HK$200 for each day a transaction was successfully facilitated.

The ICAC investigation arose from a corruption complaint. Enquiries revealed that within the three-month period, the defendant allegedly used the cryptocurrency wallets provided by the two men to secretly conduct multiple transactions with clients of the company. The illicit activities involved cash transactions of over 1.1 million USDT, equivalent to nearly HK$9 million.

One Satoshi rendered full assistance to the ICAC during its investigation into the case.