Huobi addresses concerns raised surrounding fake reserves ‘snapshot’ Huobi addresses concerns raised surrounding fake reserves ‘snapshot’
Huobi released an asset snapshot of their reserves just prior to moving over 10,000 ETH out of 'snapshot' wallet.
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Updated: Nov. 13, 2022 at 3:50 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Huobi has addressed the concerns raised as a result of Wu Blockchain’s tweet that highlighted over 10,000 ETH being moved out of the Huobi 34 wallet.
Huobi explained that a part of the publicized address is the hot wallet address and assured those concerned that the firm guarantees the security of user assets, 100% redemption and that it will not impose any restrictions on deposits and withdrawals.
Part of the publicized address is the hot wallet address.During the operation of the exchange, the transactions on the chain are daily routines. Huobi guarantees the security of users’ assets & 100% redemption & will not impose any restrictions on users’ deposits and withdrawals. https://t.co/mQuOg5TAUF
— Huobi (@HuobiGlobal) November 13, 2022
Huobi released its ‘Work Report on Asset Transparency’ on Nov. 13, detailing the disclosure of its hot and cold wallet balances. Huobi explained that the disclosure of its hot and cold wallets will become a routine process.
#Huobi's Work Report on Asset Transparency (I)
🔥#Huobi is acting now to disclose the balance details of our hot and cold wallets and make this disclosure a routine going forward.
👇— Huobi (@HuobiGlobal) November 13, 2022
Shortly after the Huobi disclosure announcement, concerns surrounding the asset snapshot of the asset reserve began to appear. Huobi moved 10,000 Ethereum (ETH) from the Huobi 34 wallet “to Binance and OKX deposit wallets,” as explained by Wu Blockchain.
At the time of the snapshot, a total of 14,858 ETH was held in the wallet. Just two minutes after, the 10,000 ETH in question was moved out of the wallet.
The Huobi 34 wallet discussed currently holds a total balance now of almost 18,000 ETH and continues to have regular transactions in, and out of the wallet.
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Josh O'Sullivan
Josh has been writing for a decade and is passionate about mainstream crypto adoption, bringing positive financial change to the masses through crypto and decentralized finance as a whole.
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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.