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China’s biggest cryptocurrency exchange Huobi Global published an asset transparency report amidst FTX collapse

To reassure users that their assets are secure, Huobi Global, once China’s biggest cryptocurrency exchange, published an asset transparency report on Sunday.

On the platform as of Nov. 12, there were 191.84 million Huobi tokens, or HT, worth $900 million, along with 9.7 billion TRX, 820 million USDT, 274,000 ETH, and 32,000 BTC, as well as a number of other coins like ATOM, ADA, BCH, DOGE, DOT, MATIC, SHIB, and ETC.

The report stated that the projected total value of reserves was $3.5 billion.

Huobi claimed that customers of Huobi Global also hold some HT tokens in addition to Huobi Global itself.

The information was made public just days after FTX, which was once the third-largest digital asset exchange by volume, collapsed in response to a CoinDesk story that revealed the balance sheet of the exchange’s sibling company Alameda Research was largely made up of FTT, the native token of FTX.

Since then, cryptocurrency exchanges all around the world have been rushing to produce “proof of reserves” to reassure customers that their money isn’t going into other ventures. Leading cryptocurrency exchange Binance revealed the list of its cold wallets and reserves on Nov. 10, revealing a $69 billion cryptocurrency reserve.

The information was made public just days after FTX, which was once the third-largest digital asset exchange by volume, collapsed in response to a CoinDesk story that revealed the balance sheet of the exchange’s sibling company Alameda Research was largely made up of FTT, the native token of FTX.

Since then, cryptocurrency exchanges all around the world have been rushing to produce “proof of reserves” to reassure customers that their money isn’t going into other ventures. Leading cryptocurrency exchange Binance revealed the list of its cold wallets and reserves on Nov. 10, revealing a $69 billion cryptocurrency reserve.

Huobi’s revelation, however, did not help to ease the market’s tension. According to statistics from CoinDesk, the HT token was most recently traded at $4.8, down 8.9% over the last 24 hours.

10,000 ETH are said to have left the exchange after it issued the asset reserve report. Data from the blockchain analytics company CryptoQuant in South Korea reveals that during the course of the last six hours, 12,000 ETH ($15.14 million) have departed Huobi.

Huobi claimed that the leakage was standard procedure. “In reality, the addresses we provided include a few hot wallets; on-chain deposits and withdrawals are routine business. Currently, the exchange is functioning smoothly “In an email to CoinDesk, a representative from Huobi’s PR department stated.

According to the spokesman, the platform has “the ability and strength to assure the safety of users’ assets and 100% payment, and there is and will be no restriction on users’ withdrawal.”

Written by Newsway

NewsWay reporters are Media employees of the newsway.com.ng vested with the responsibilities of getting informative data from verifiable sources and publishing same undistorted on behalf of the NEWS WAY INFO-TECH which is a parent company that birthed the NewsWay blog.

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