Huobi Sees $73.3 Million Net Outflow in Past Week

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Last Updated on August 7, 2023 by Bitfinsider

Huobi, a cryptocurrency exchange, had net outflows of more than $73.3 million in the last seven days, during which time some of its officials were reportedly detained by Chinese authorities.

According to statistics from blockchain analytics firm Nansen, as of 4:30 p.m. HKT time, Huobi had an outflow of $505.9 million in tokens during the previous week, with an influx of $432.5 million, resulting in a net outflow of about $73.3 million.

Outflows look to be picking up speed. According to Nansen data, Huobi had a net outflow of $32.9 million in the last 24 hours. According to the report, the exchange’s stablecoin holdings fell 33% in the last seven days to $99.47 million.

The outflows come after Techub News, a Hong Kong-based crypto media organisation, claimed Saturday, citing two persons familiar with the situation, that at least three Huobi officials had been detained by Chinese police for investigation.

Huobi’s head of social media, Jiayin Xie, tweeted on Sunday that the company is rumoured to be “invited to tea” every year. The phrase “drinking tea” is commonly used in China to describe circumstances in which people are summoned for questioning by police or security agents.

“I am deeply concerned in the face of these baseless malicious attacks.” “After some consideration, perhaps this is the unavoidable thorny path we must take as we return to the top three,” Xie added.

On Sunday, Huobi advisor Justin Sun tweeted “4”, a commonly used expression in the crypto industry — created by Binance CEO Changpeng Zhao.

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