• A US lawyer charges Huobi with not being accountable
• French citizens were robbed of their savings by a Chinese scamster through Huobi.
• French and Seychelles police investigations were halted by Huobi’s lack of cooperation.

Jonathan Levy is a US-based attorney who accused Huobi Global, the cryptocurrency exchange, of not being accountable to any particular jurisdiction. This statement was made by the lawyer after French Nationals lost their funds to Chinese fraudsters. Huobi Global, allegedly refusing to cooperate with police.

The unnamed French national victim used Ciphertrace to locate the fraudster’s account with Huobi. The French National Police then opened an investigation, requesting Huobi Global’s assistance in recovering the stolen funds.

According to the French national’s lawyer however, attempts to recover the stolen funds were hindered by Huobi’s refusal to cooperate with both French and Seychelles law enforcement.

Levy also added

Huobi Global lied to the French Police, claiming they were in the Seychelles jurisdiction. The delay enabled the criminal to flee with all their money. When the Seychelles Police finally investigated it was already too late and by their own admission, they lacked jurisdiction over the crime since Huobi’s presence in that island nation is just a mailing address.

The US-based lawyer then accused Huobi Global of running a decentralized global operation that “operates everywhere but is held accountable nowhere.” Levy pointed out that this incident is why European authorities need to establish a crypto industry-funded ‘Superfund’; the goal of which is to prevent cases like this and compensate victims of crypto fraud.

These contributions would come from top cryptocurrency exchanges. Levy asserts that the top crypto exchanges, such as Huobi with a daily crypto volume exceeding $10 billion per day, have sufficient capacity to contribute.

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