3 months ago 1 min read

$60M had been Withdrawn From Huobi in Last Day

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In the past 24 hours, the Huobi market has lost more than $60 million.

The amount of money leaving the Huobi exchange has considerably increased, with more than $60 million leaving in the last day alone, out of a total of $94.2 million leaving in the preceding week. Most of the tokens that have been removed in the recent day are from the networks Ethereum, Avalanche, BNB Chain, Fantom, and Polygon. Consumers are concerned about Huobi's financial stability as a result of the sharp increase in outflows.

Justin Sun, who was believed to be the brains behind the acquisition of the Huobi exchange shortly after, took action, 100 million USDC and USDT were taken out of Binance by wallets formerly linked to Justin Sun, who then transferred the funds to Huobi.

Justin Sun stated on his personal Twitter that: "We feel that the key to success in the cryptocurrency market is to'skip FUD and keep inventing' in response to numerous Huobi-related FUDs. Being a well-known bitcoin exchange, our long-term strategy is to resist being drawn in by temporary diversions.

Recently, the exchange has taken center stage in the market. Huobi appears to be particularly vulnerable at the moment, who also ranked this platform last among the major exchanges in terms of clean reserves, or the amount of assets kept on the exchange that are not the exchange's token.

Ki Young Ju asserts that while Binance's Bitcoin reserves have more than doubled in the past year, the platform's reserves have decreased by 90%. the active user address has also drastically decreased. Huobi recently caused a stir in the cryptocurrency sector by listing Pi Network despite though the project has not yet finished building its mainnet, which raises questions regarding the exchange's reserves.

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