FINANCE

U.S. Market Makers Narrow Futu, Tiger Insider-Trading Suit to 45 Individuals

Published: Aug. 13, 2026 12:37 a.m. GMT+8

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The lawsuit began on June 29, when Susquehanna International Group (SIG) sued unidentified traders in Manhattan federal court, alleging they had used leaked Chinese regulatory information to reap more than $100 million in illicit profits. Photo: VCG

Two major U.S. options market makers have narrowed an insider-trading lawsuit involving Chinese online brokerages Futu Holdings Ltd. and UP Fintech Holding Ltd., known as Tiger Brokers, to 45 individuals alleged to have made $155 million in illicit profits.

The case began on June 29, when Susquehanna International Group sued unidentified traders in Manhattan federal court, alleging they had used leaked Chinese regulatory information to reap more than $100 million in illicit profits. Citadel Securities later joined the lawsuit. At the center of the case are put-option trades placed shortly before Chinese regulators on May 22 announced penalties against the two online brokerages for unauthorized cross-border operations, highlighting continuing concerns over potential cross-border market manipulation.

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Two U.S. market makers narrowed an insider-trading lawsuit against Futu and Tiger Brokers to 45 individuals allegedly making $155 million in illicit profits.
The trades involved put options bought before Chinese regulators announced penalties on the brokerages on May 22.
A preliminary hearing is scheduled for Friday; most defendants are outside the U.S., and some have moved to unfreeze assets.

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Who’s Who

...: Chinese: 两个美国主要期权做市商将内幕交易诉讼范围缩小至45人，涉嫌获利1.55亿美元。这些交易发生在中国监管宣布处罚前，多数被告位于中国内地和香港。 English: Two major U.S. options market makers narrowed an insider-trading lawsuit to 45 individuals, alleging $155 million in illicit profits from put options on Futu and Tiger Brokers traded before Chinese regulators announced penalties. Most defendants are based in mainland China and Hong Kong.

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What Happened When

May 7, 2026：: Trades at issue involving Futu and Tiger put options began at midnight.

May 22, 2026：: Chinese regulators announced penalties against Futu Holdings Ltd. and UP Fintech Holding Ltd. (Tiger Brokers) for unauthorized cross-border operations. Also, the last time for the purchase of the put options at issue was 4:33 a.m. Eastern Time.

June 29, 2026：: Susquehanna International Group sued unidentified traders in Manhattan federal court. A U.S. court issued a temporary restraining order freezing a broad set of accounts.

In 2026 (after June 29)：: Citadel Securities joined the lawsuit.

In 2026 (later, after the lawsuit began)：: Several defendants moved in court to unfreeze assets. Examples include Yang Jingyao, Wenlei Song, and New Frontier Investment Management Ltd.

In 2026 (after further analysis)：: Plaintiffs raised estimate of alleged insider-trading profits to $155 million from an earlier $137 million after a more detailed account-by-account analysis.

AI generated, for reference only