{"id":546100,"date":"2023-08-07T22:00:35","date_gmt":"2023-08-07T22:00:35","guid":{"rendered":"https:\/\/ktsl888.com\/?p=546100"},"modified":"2023-08-08T03:56:02","modified_gmt":"2023-08-08T03:56:02","slug":"justin-sun-huobi-exchange-is-solvent","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/huobi-ht\/justin-sun-huobi-exchange-is-solvent\/","title":{"rendered":"TRON\u2019s Justin Sun Reassures Crypto Community That Huobi Exchange Is Solvent"},"content":{"rendered":"<p><span style=\"font-weight: 400\">In a recent development, Justin Sun, founder of popular blockchain Tron, has urged people to disregard speculations that the crypto exchange Huobi is facing severe challenges following news of the alleged detention of some of the platform&#8217;s officials.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The rumors appear to be a major contributing factor to why the firm experienced multi-million withdrawals during the weekend, while Tron\u2019s Total Value Locked (TVL) has <\/span><a href=\"https:\/\/defillama.com\/cex\/huobi?usdInflows=true&amp;tvl=true\" rel=\"nofollow\"><span style=\"font-weight: 400\">fallen<\/span><\/a><span style=\"font-weight: 400\"> below $2.5 billion.\u00a0<\/span><\/p>\n<h2>Trouble In Paradise?<\/h2>\n<p><span style=\"font-weight: 400\">Over the past weekend, cryptocurrency exchange Huobi experienced massive outflows worth about $64 million amid reports that Chinese authorities were investigating its executives and the likelihood of insolvency.<\/span><\/p>\n<p><span style=\"font-weight: 400\">There were speculations that the platform\u2019s leaders were arrested on the 5th of August in China. According to popular Chinese <\/span><a href=\"https:\/\/twitter.com\/WuBlockchain\/status\/40591618\" rel=\"nofollow\"><span style=\"font-weight: 400\">reporter<\/span><\/a><span style=\"font-weight: 400\"> Colin Wu, the arrest was due to Huobi\u2019s involvement with gambling websites. One top official of the exchange also recently left the company, though it remains unclear if that was connected to the ongoing investigations by Chinese authorities.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/analysis\/xrp\/xrp-whales-trigger-price-decline\/\">XRP Whales Trigger Price Decline With Large Selling<\/a><\/div>\n<p><span style=\"font-weight: 400\">A third of the $64 million is believed to be made up of Bitcoin (BTC), while Tron\u2019s native token (TRX) and Huobi Token (HT) follow respectively at 26.5% and 20.3%. The rumors were so rife that the withdrawals triggered serious volatility in HT\u2019s price and the token fluctuated during the weekend before settling at its present level of about $2.66.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Furthermore, there are also rumors that the exchange is undergoing protracted financial challenges. According to Adam Cochran, an angel investor and fintech executive, there are some <\/span><a href=\"https:\/\/twitter.com\/adamscochran\/status\/16542976\" rel=\"nofollow\"><span style=\"font-weight: 400\">discrepancies<\/span><\/a><span style=\"font-weight: 400\"> in the platform\u2019s Tether (USDT) holding.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Based on on-chain data, Huobi held less than $90 million of assets on the 5th of August. However, their recent \u201cMerkle Tree Audit\u201d claims they hold $630 million in USDT.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Cochran believes this means that<\/span><a href=\"https:\/\/bitcoinist.com\/huobi-insolvency-exec-arrests-crypto-storm\/\" rel=\"nofollow\"><span style=\"font-weight: 400\"> Huobi might be insolvent<\/span><\/a><span style=\"font-weight: 400\">, implying the platform may not have sufficient funds to meet its obligations.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/ZwHznG89\/\" alt=\"Huobi Token (HT) price chart from Tradingview.com\" width=\"2884\" height=\"1746\"><\/p>\n<pre style=\"text-align: center\">HT price sitting at $2.6 | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">HTUSD on Tradingview.com<\/a><\/pre>\n<h2>Huobi Reacts To Speculations<\/h2>\n<p><span style=\"font-weight: 400\">In response to the speculations, Justin Sun, who serves as an Advisor to the exchange, recently took to his <\/span><a href=\"https:\/\/twitter.com\/justinsuntron\/status\/17120256\" rel=\"nofollow\"><span style=\"font-weight: 400\">Twitter<\/span><\/a><span style=\"font-weight: 400\"> account to offer some clarifications. In a series of tweets, he asked users to \u201cignore FUD, keep! #TRON\u00a0 and Huobi will thrive through continuous development. Trust in our vision and community efforts for a stronger future. Perseverance guarantees success!\u201d<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/defi\/curve-finance-announces-1-85-million-bounty\/\">Curve Finance Announces $1.85 Million Bounty For Stable Pool Exploiter<\/a><\/div>\n<p><span style=\"font-weight: 400\">Many users simply responded by posting the figure \u201c4\u201d below his tweet. The figure, which was <\/span><a href=\"https:\/\/twitter.com\/cz_binance\/status\/22851328?s=20\" rel=\"nofollow\"><span style=\"font-weight: 400\">popularized<\/span><\/a><span style=\"font-weight: 400\"> in the crypto space by Changpeng \u2018CZ\u2019 Zhao, Binance CEO, simply means \u201cIgnore FUD, fake news, attacks, etc.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">This is not the first time Sun and his team are facing serious troubles. In the <\/span><a href=\"https:\/\/cointelegraph.com\/news\/doubts-mount-over-huobi-s-future-as-harsh-layoff-rumors-denied\" rel=\"nofollow\"><span style=\"font-weight: 400\">past<\/span><\/a><span style=\"font-weight: 400\">, there have been rumors of financial troubles at the exchange. However, it remains to be seen what the likely fallout would be in the most recent event.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Featured image from Coinpedia, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>In a recent development, Justin Sun, founder of popular blockchain Tron, has urged people to disregard speculations that the crypto exchange Huobi is facing severe challenges following news of the alleged detention of some of the platform&#8217;s officials.\u00a0 The rumors appear to be a major contributing factor to why the firm experienced multi-million withdrawals during the weekend, while Tron\u2019s Total Value Locked (TVL) has fallen below $2.5 billion.\u00a0 Trouble In Paradise? Over the past weekend, cryptocurrency exchange Huobi experienced massive outflows worth about $64 million amid reports that Chinese authorities were investigating its executives and the likelihood of insolvency. There were speculations that the platform\u2019s leaders were arrested on the 5th of August in China. According to popular Chinese reporter Colin Wu, the arrest was due to Huobi\u2019s involvement with gambling websites. One top official of the exchange also recently left the company, though it remains unclear if that was connected to the ongoing investigations by Chinese authorities. Related Reading: XRP Whales Trigger Price Decline With Large Selling A third of the $64 million is believed to be made up of Bitcoin (BTC), while Tron\u2019s native token (TRX) and Huobi Token (HT) follow respectively at 26.5% and 20.3%. The rumors were so rife that the withdrawals triggered serious volatility in HT\u2019s price and the token fluctuated during the weekend before settling at its present level of about $2.66. Furthermore, there are also rumors that the exchange is undergoing protracted financial challenges. According to Adam Cochran, an angel investor and fintech executive, there are some discrepancies in the platform\u2019s Tether (USDT) holding.\u00a0 Based on on-chain data, Huobi held less than $90 million of assets on the 5th of August. However, their recent \u201cMerkle Tree Audit\u201d claims they hold $630 million in USDT.\u00a0 Cochran believes this means that Huobi might be insolvent, implying the platform may not have sufficient funds to meet its obligations. HT price sitting at $2.6 | Source: HTUSD on Tradingview.com Huobi Reacts To Speculations In response to the speculations, Justin Sun, who serves as an Advisor to the exchange, recently took to his Twitter account to offer some clarifications. In a series of tweets, he asked users to \u201cignore FUD, keep! #TRON\u00a0 and Huobi will thrive through continuous development. Trust in our vision and community efforts for a stronger future. Perseverance guarantees success!\u201d Related Reading: Curve Finance Announces $1.85 Million Bounty For Stable Pool Exploiter Many users simply responded by posting the figure \u201c4\u201d below his tweet. The figure, which was popularized in the crypto space by Changpeng \u2018CZ\u2019 Zhao, Binance CEO, simply means \u201cIgnore FUD, fake news, attacks, etc.\u201d\u00a0 This is not the first time Sun and his team are facing serious troubles. In the past, there have been rumors of financial troubles at the exchange. However, it remains to be seen what the likely fallout would be in the most recent event. Featured image from Coinpedia, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":546101,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[87321],"tags":[12307,2386,89053,12098,89054],"class_list":["post-546100","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-huobi-ht","tag-crypto-exchange","tag-huobi","tag-huobi-global-huobi-exchange","tag-justin-sun","tag-tron-founder"],"acf":[],"yoast_head":"\n<title>TRON\u2019s Justin Sun Reassures Crypto Community That Huobi Exchange Is Solvent<\/title>\n<meta name=\"description\" content=\"In a recent development, Justin Sun has urged people to disregard speculations that the crypto exchange Huobi is facing severe challenges\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ktsl888.com\/news\/huobi-ht\/justin-sun-huobi-exchange-is-solvent\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TRON\u2019s Justin Sun Reassures Crypto Community That Huobi Exchange Is Solvent\" \/>\n<meta property=\"og:description\" content=\"In a recent development, Justin Sun has urged people to disregard speculations that the crypto exchange Huobi is facing severe challenges\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ktsl888.com\/news\/huobi-ht\/justin-sun-huobi-exchange-is-solvent\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-07T22:00:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-08T03:56:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/08\/Justin-Sun-Huobi-exchange.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Scott Matherson\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/MathersonScott\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Scott Matherson\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/ktsl888.com\/news\/huobi-ht\/justin-sun-huobi-exchange-is-solvent\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/ktsl888.com\/news\/huobi-ht\/justin-sun-huobi-exchange-is-solvent\/\"},\"author\":{\"name\":\"Scott Matherson\",\"@id\":\"https:\/\/ktsl888.com\/#\/schema\/person\/b728e21249a8147d980445b0ee98f18d\"},\"headline\":\"TRON\u2019s Justin Sun Reassures Crypto Community That Huobi Exchange Is Solvent\",\"datePublished\":\"2023-08-07T22:00:35+00:00\",\"dateModified\":\"2023-08-08T03:56:02+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ktsl888.com\/news\/huobi-ht\/justin-sun-huobi-exchange-is-solvent\/\"},\"wordCount\":483,\"publisher\":{\"@id\":\"https:\/\/ktsl888.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/ktsl888.com\/news\/huobi-ht\/justin-sun-huobi-exchange-is-solvent\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/08\/Justin-Sun-Huobi-exchange.png?fit=1200%2C630\",\"keywords\":[\"crypto exchange\",\"huobi\",\"Huobi global. 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