Huobi sees net outflows of over $60M in 24 hours Huobi sees net outflows of over $60M in 24 hours
According to Nansen, the highest outflows were from stablecoins addresses (USDT and USDC) and Ethereum (ETH) wallets with high balances.
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Updated: Jan. 7, 2023 at 12:35 am UTC
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Crypto exchange Huobi saw $94.2 million in net outflows over the last seven days –$60 million (63.8%) of the outflows were recorded in the previous 24 hours — according to Nansen data.
DeFillama’s data shows that the exchange’s outflow in the last 24 hours had exceeded $70 million as of press time. The data shows that the exchange saw significant inflows of $87.9 million on Dec. 15 and $46.04 million on Dec. 28 –since then, the firm has recorded outflows exceeding $200 million.
According to Nansen, the highest outflows were from stablecoins addresses (USDT and USDC) and Ethereum (ETH) wallets with high balances.
Huobi confirmed plans to lay off 20% of its staff in a “structural adjustment” that would be completed within the first quarter.
Huobi controls over 80% of HT
Nansen said Huobi holds 81% of the circulating supply of its native token, HT.
Earlier today, the token experienced a sell-off that saw its value drop by over 6%; however, its value rebounded and grew to $4.66590 as of press time.
Meanwhile, Lookonchain reported that Sun deposited $100 million worth of USDT and USDC in Huobi. A crypto trader pointed out that a buy wall of 1M HT suddenly appeared after the deposits.
Justin Sun dispels rumors
Tron founder cum Huobi’s advisor Justin Sun dispelled the rumors surrounding the exchange. Sun said the key to the firm’s success was to “Ignore FUD and Keep Building.”
Meanwhile, a Twitter thread from blockchain analytical firm Arkham Intelligence alleged that Sun might also have problems with his fortune. According to the firm, on-chain data shows Sun paid thousands of dollars in slippage to swap and bridge stablecoins rather than redeeming directly on Tron.
Arkham added that Sun has no reason to do this because he has an institutional banking relationship.
Several analysts have advised Huobi users to withdraw their funds from the exchange. BnkToTheFuture CEO Simon Dixon tweeted, “nobody should have funds on Huobi at this point.” Arkham Intelligence also advised the exchange users to withdraw their assets into tier-1 exchanges (Binance/Coinbase) or self-custody.
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HTX Token(formerly HT or Huobi Token) is a decentralized digital asset based on Ethereum, with a limited total supply of 500 M, issued by Huobi Group.
Ethereum
$3,348.45
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
USD Coin
$1.00001
USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium.
Tether
$1.00126
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
HTX
Huobi, a virtual asset exchange, launched a revised branding strategy on September 13, 2023, where “Huobi” will be rebranded as “HTX.” “H” stands for Huobi, “T” represents TRON with a commitment to being all in TRON, and “X” stands for the exchange.
Justin Sun has carved a name for himself as a leading figure in the blockchain sector.
Simon Dixon is the CEO & Co-Founder of BnkToTheFuture.com, an online investment platform that allows professional investors to invest in financial innovation and technology investment opportunities.