Huobi again facing insolvency rumors

Because of some rumors the trade volume on the Huobi crypto exchange plunged significantly.

Huobi Global is a popular crypto exchange. As per media reports, Chinese crypto entrepreneur Justin Sun is the current owner of this firm but openly he never disclosed that he is the core owner of Huobi. Justin is known for his popular crypto projects like Tron (TRX), JustSwap exchange (Jst coin), Poloniex exchange, SunSwap (Sun coin), BitTorrent (BTT coin), ApeNFT (NFT), etc.

Just a couple of days ago, Chinese crypto blogger Colin Wu reported that Chinese police authorities arrested huge numbers of people. The detained people were working as employees at key positions at the crypto exchanges.

Allegedly these detained people helped money laundering via cryptocurrency transactions directly or indirectly but no official report came from the Chinese authorities.

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Exclusive: Recently, a large number of senior executives of offshore cryptocurrency exchanges, such as CTO CHO, have been detained and investigated by the Chinese police for allegedly providing fund payment and settlement services for gambling websites.

— Wu Blockchain (@WuBlockchain) August 5, 2023

Following these reports, some people claimed that Huobi’s leadership had been arrested by Chinese police because they were linked with crypto gambling activities.

Some people claimed that Huobi will not be operational in the incoming few days just like the Multichain Protocol. All these negative reports & rumors acted as a catalyst to create fear among the Huobi customers.

According to crypto analytic exchange’s total value locked (TVL) falling to $2.5 billion at the time of writing, down from $3.09 on July 6.

In an interview with Cointelegraph media, a Huobi spokesperson confirmed that all these rumors are false.

Also, a former Huobi employee confirmed that rumors about Huobi are untrue.

The source has been verified as a senior executive at Tron who has first hand knowledge of the investigation and has been at Tron for many years.

Whether you’ve been informed or not, your colleagues are currently under criminal investigation.

— Adam Cochran (adamscochran.eth) (@adamscochran) August 6, 2023

Huobi token

Huobi token (HT) is a native crypto token of the Huobi crypto exchange and the current trade price of Huobi token is trading at $2.66, following a sudden crash.

Read also: Coinbase Exec confirms Coinbase will not take exit from the US crypto market

Huobi again facing insolvency rumors

 

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