Susquehanna International Group filed a lawsuit in Manhattan over an alleged insider trading scheme.
The firm claims it lost more than $70 million to unidentified traders. These traders reportedly generated over $100 million in profits by betting against Futu Holdings and UP Fintech Holding.
The group purchased more than 200,000 put options in the two weeks leading up to a major regulatory announcement. China announced a crackdown on cross-border brokerages on May 22.
Susquehanna acted as the counterparty for the majority of these transactions. The lawsuit seeks to unmask the anonymous traders and recover the lost funds.