Cryptocurrency

Huobi sees net outflows of over $60M in 24 hours

Hull Invest

Crypto exchange Huobi has seen net outflows of $94.2 million over the past seven days.$60 million (63.8%) of outflows were recorded in the last 24 hours — according to Nansen data.

in Defilama data It shows that exchange outflows in the last 24 hours exceeded $70 million at the time of writing. The data shows that the exchange recorded significant inflows of $87.9 million on Dec. 15, and $46.04 million on Dec. 28, and since then, the company has posted his $200 million. recorded outflows exceeding .

Stablecoin addresses (USDT and USDC) and high-balance Ethereum (ETH) wallets saw the most outflows, according to Nansen.

Huobi has confirmed plans to lay off 20% of its workforce in a “structural adjustment” that is expected to be completed during the first quarter.

Huobi controls over 80% of HT

Nansen said Huobi owns 81% A circulating supply of native token HT.

Earlier today, the token experienced a sale that saw its value drop by more than 6%.But its value bounced back and grew to $4.66590 press time.

Meanwhile, Look’n Chain report Deposited by Sun worth $100 million USDT When USDC at Huobi.crypto trader It pointed out 1M purchase wall HT Appeared suddenly after payment.

Justin Sun dispels rumors

Tron founder and Huobi advisor Justin Sun has dispelled rumors about the exchange.Sun Said The company’s key to success was to “ignore the FUD and keep building.”

Meanwhile, a Twitter thread from blockchain analytics firm Arkham Intelligence Alleged That Sun may also be in trouble with his fate. According to the company, on-chain data shows that Sun paid thousands of dollars to swap and bridge stablecoins rather than redeeming them directly in his Tron.

Arkham added that Sun has no reason to do this because of its relationships with institutional investors.

Some analysts advise Huobi users to withdraw funds from the exchange. BnkToTheFuture CEO Simon Dixon murmured“nsomeone must have the funds Huobi at this point. ” Arkham Intelligence advised Exchange users withdraw their assets to Tier 1 exchanges (Binance/Coinbase) or self-custody.

Posted in: Huobi, Exchange

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