Cryptocurrency

Huobi addresses concerns raised surrounding fake reserves ‘snapshot’

Huobi has addressed concerns raised as a result of Wu Blockchain’s tweet highlighting that over 10,000 ETH were moved from Huobi 34 wallets.

Huobi explained that some of the exposed addresses are hot wallet addresses, and assured the parties that the company guarantees the security of user assets, 100% redemption, and does not impose restrictions on deposits and withdrawals.

Huobi released its โ€œWorking Report on Asset Transparencyโ€ on November 13th, revealing the balance details of its hot and cold wallets. Huobi explained that the disclosure of hot and cold wallets will become a routine process.

Shortly after Huobi’s disclosure announcement, concerns began to emerge over the asset snapshot of the asset reserve. Huobi moved his 10,000 Ethereum (ETH) from his Huobi 34 wallet โ€œto Binance and OKX deposit wallets,โ€ according to Wu Blockchain.

A total of 14,858 ETH was held in the wallet at the time of the snapshot. Just two minutes later, his 10,000 ETH in question was removed from his wallet.

The currently-discussed Huobi 34 wallet currently holds a total balance of around 18,000 ETH and continues regular transactions in and out of the wallet.

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