Amid Reports of Executive Arrests, Huobi’s Stablecoin Holdings Have Decreased by 30%

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Last Updated on August 7, 2023 by Bitfinsider

As the exodus from the exchange increases, a Huobi spokeswoman is refuting rumours that several executives were detained in China. Financial media in Hong Kong reported over the weekend that police in China had detained numerous Huobi executives.

The stablecoin exchange balances at Huobi have decreased by 33% over the past week, according to data from, with dealers taking out $49 million in stables.

Colin Wu of Wu Blockchain had earlier stated in a post without providing further details that “a large number of senior executives of offshore cryptocurrency exchanges have been detained and investigated by the Chinese police.”

According to DeFiLlama data, Huobi’s balance is now about $2.5 billion. From $3.1 billion at the beginning of the year, this balance has decreased. Additionally, on-chain information reveals that some of the exchange’s biggest holdings are made up of tokens linked to the Justin Sun network of businesses and protocols.

According to data, the exchange has 20.32 percent of HT, the exchange’s token, and 26.5% of TRX, the token of TRON.

According to DeFi Llama statistics, Huobi has almost $1 billion in highly liquid assets, including $886.92 million in bitcoin, $48.27 million in USDT, and $5.41 million in USDC.

It has $21.8 million in wETH and $119.4 million in stETH but none of the ether. CryptoQuant, an analytics company, has raised questions about Huobi’s reserves late last year.
With a price of $2.66, Huobi’s HT token is unchanged in response to the announcement.

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