Trading Giant Susquehanna Lost Over $70 Million To Mystery Insider Traders

Trading Giant Susquehanna Lost Over $70 Million To Mystery Insider Traders centers on Susquehanna Investment Group’s lawsuit seeking to identify alleged insider traders tied to a Chinese crackdown on cross-border brokerage activity. The Pennsylvania-based market maker said it is suing 100 unnamed “John Doe” defendants in Manhattan federal court, seeking recovery of more than $70 million it claims it lost. The company says it acted as the counterparty on most of the trades and is using subpoenas and an account-freezing request, a tactic often associated with SEC investigations. Susquehanna alleges about 200,000 short-dated put option bets were placed in the two weeks before China’s May 22 announcement. It links many trades to accounts at Interactive Brokers and to platforms of Futu Holdings and Up Fintech’s Tiger Brokers. Susquehanna also claims “powerful evidence” of material non-public information, amid regulatory statements from eight agencies.