FINANCE

Exclusive: Over 310 Accounts Unmasked in U.S. Insider Trading Suit Linked to Chinese Brokerages

Published: Jul. 27, 2026 7:05 p.m. GMT+8

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More than 310 trading accounts have been ensnared in an insider trading lawsuit brought by U.S. market makers Susquehanna International and Citadel Securities, sources with knowledge of the matter told Caixin.

The suit seeks to recover more than $137 million from suspicious options trades involving two Chinese brokerages.

The plaintiffs allege a network of anonymous investors used leaked information ahead of a May Chinese regulatory crackdown on Nasdaq-listed Futu Holdings Ltd. and UP Fintech Holding Ltd. to execute precisely timed, highly profitable put options trades.

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Explore the story in 30 seconds

Lawsuit by Susquehanna and Citadel targets over 310 trading accounts, seeking over $137 million.
Eight traders pocketed $80 million, nearly 60% of estimated illicit gains from options on Futu and UP Fintech.
Leaked information before May regulatory crackdown may involve insiders or Chinese regulators.

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Who’s Who

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What Happened When

May 2026：: Chinese regulatory crackdown on Nasdaq-listed Futu Holdings Ltd. and UP Fintech Holding Ltd., which was preceded by leaked information used for insider trading.

2026：: U.S. market makers Susquehanna International and Citadel Securities filed an insider trading lawsuit involving over 310 trading accounts, seeking to recover more than $137 million from suspicious options trades linked to two Chinese brokerages.

2026：: A New York federal court issued an asset freeze and discovery order, leading brokerages including Interactive Brokers to turn over account holder identities.

2026：: Preliminary plaintiff analysis revealed extreme profit concentration: eight traders pocketed more than $80 million, nearly 60% of estimated illicit gains.

2026：: Early defendants, including Australia- and Hong Kong-based investors, surfaced in the lawsuit.

2026：: The lawsuit suggested advance knowledge likely stemmed from direct trading or tipping by insiders, potentially implicating Chinese securities regulators or personnel at targeted brokerages.

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